Paragraph 14 Rights attached to shares held by way of securityI1I2C1
United Kingdom
Rights attached to shares held by way of security provided by a person are to be treated for the purposes of this Schedule as held by that person—
where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with that person’s instructions, and
where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person’s interests.
Annotations
Modifications
- C1
Sch. 13 Pt. 2 applied (with modifications) (1.7.2025) by The National Security Act 2023 (Foreign Activities and Foreign Influence Registration Scheme: Exemptions for Certain Foreign Power Investment Funds, Education, Government Administration and Public Bodies) Regulations 2025 (S.I. 2025/676), regs. 1(2), 2(11); S.I. 2025/674, reg. 2
Commencement
- I1
Sch. 13 para. 14 not in force at Royal Assent, see 100(1)
- I2
Sch. 13 para. 14 in force at 1.7.2025 by S.I. 2025/674, reg. 2