# The Myanmar (Sanctions) Regulations 2021, Paragraph 9: Shares or rights held “indirectly”

Extent: E+W+S+N.I.

(1) A person holds a share “indirectly” if the person has a majority stake in another person and that other person—
(a) holds the share in question, or
(b) is part of a chain of persons—
(i) each of whom (other than the last) has a majority stake in the person immediately below it in the chain, and
(ii) the last of whom holds the share.
(2) A person holds a right “indirectly” if the person has a majority stake in another person and that other person—
(a) holds that right, or
(b) is part of a chain of persons—
(i) each of whom (other than the last) has a majority stake in the person immediately below it in the chain, and
(ii) the last of whom holds that right.
(3) For these purposes, a person (“A”) has a “majority stake” in another person (“B”) if—
(a) A holds a majority of the voting rights in B,
(b) A is a member of B and has the right to appoint or remove a majority of the board of directors of B,
(c) A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or
(d) A has the right to exercise, or actually exercises, dominant influence or control over B.
(4) In the application of this paragraph to the right to appoint or remove a majority of the board of directors, a person (“A”) is to be treated as having the right to appoint a director if—
(a) any person's appointment as director follows necessarily from that person's appointment as director of A, or
(b) the directorship is held by A itself.

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Source: https://www.legislation.gov.uk/uksi/2021/496/schedule/1/paragraph/9 (the official version)
Page: https://openlegislation.uk/myanmar-sanctions-regulations-2021/schedule-1/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.