{
  "url": "https://openlegislation.uk/national-security-act-2023/schedule-13/paragraph-9",
  "json_url": "https://openlegislation.uk/national-security-act-2023/schedule-13/paragraph-9.json",
  "legislation": "ukpga/2023/32",
  "legislation_title": "National Security Act 2023",
  "legislation_url": "https://openlegislation.uk/national-security-act-2023",
  "path": "schedule/13/paragraph/9",
  "kind": "paragraph",
  "number": "9",
  "heading": "Shares or rights held “indirectly”",
  "text": "(1) A foreign power holds a share “indirectly” if the foreign power has a majority stake in a person and that person—\n(a) holds the share in question, or\n(b) is part of a chain of persons—\n(i) each of which (other than the last) has a majority stake in the person immediately below it in the chain, and\n(ii) the last of which holds the share.\n(2) A foreign power holds a right “indirectly” if the foreign power has a majority stake in a person and that person—\n(a) holds that right, or\n(b) is part of a chain of persons—\n(i) each of which (other than the last) has a majority stake in the person immediately below it in the chain, and\n(ii) the last of which holds that right.\n(3) For the purposes of sub-paragraphs (1) and (2), a foreign power has a “majority stake” in a person if—\n(a) the foreign power holds a majority of the voting rights in the person,\n(b) the foreign power is a member of the person and has the right to appoint or remove an officer of the person,\n(c) the foreign power is a member of the person and controls alone, or pursuant to an agreement with other shareholders or members, a majority of the voting rights in the person, or\n(d) the foreign power has the right to exercise, or actually exercises, dominant influence or control over the person.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "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"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 13 para. 9 not in force at Royal Assent, see 100(1)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 13 para. 9 in force at 1.7.2025 by S.I. 2025/674, reg. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/32/schedule/13/paragraph/9",
    "retrieved_at": "2026-10-29T08:52:07.318384+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}