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Financial Services Act 1986 (Repealed)
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Changes over time for: Paragraph 20
Version Superseded: 01/06/1997
Alternative versions:
- 01/02/1991- Amendment
- 19/06/1995
Point in time - 01/06/1997- Amendment
- Stop date 01/12/2001- Amendment
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Point in time view as at 19/06/1995. This version of this provision has been superseded.
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Financial Services Act 1986 (Repealed), Paragraph 20 is up to date with all changes known to be in force on or before 17 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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20(1)Paragraphs 12 and 13 above do not apply to anything done by a body corporate, a body corporate connected with it or a relevant trustee for the purpose of enabling or facilitating transactions in shares in or debentures of the first-mentioned body between or for the benefit of any of the persons mentioned in sub-paragraph (2) below or the holding of such shares or debentures by or for the benefit of any such persons.
(2)The persons referred to in sub-paragraph (1) above are—
(a)the bona fide employees or former employees of the body corporate or of another body corporate in the same group; or
(b)the wives, husbands, widows, widowers, or children or step-children under the age of eighteen of such employees or former employees.
(3)In this paragraph “a relevant trustee” means a person holding shares in or debentures of a body corporate as trustee in pursuance of arrangements made for the purpose mentioned in sub-paragraph (1) above by, or by a body corporate connected with, that body corporate.
(4)In this paragraph “” and “debentures” include any investment falling within paragraph 1 or 2 above and also include any investment falling within paragraph 4 or 5 above so far as relating to those paragraphs or any investment falling within paragraph 11 above so far as relating to paragraph 1, 2, 4 or 5.
(5)For the purposes of this paragraph a body corporate is connected with another body corporate if—
(a)they are in the same group; or
(b)one is entitled, either alone or with any other body corporate in the same group, to exercise or control the exercise of a majority of the voting rights attributable to the share capital which are exercisable in all circumstances at any general meeting of the other body corporate or of its holding company.
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