Clause 4

The following subsections have effect for the purposes of Division 3A of Part IV of this Act.(2) Where the property subject to a trust consists of or includes shares and a person has an interest under the trust, he shall be deemed to have an interest in those shares.(3) Where a right (being a right or an interest described in the definition of “interest” in section 84 of this Act) was issued or offered to the public for subscription or purchase, or where the public was invited to subscribe for or purchase such a right, and the right was so subscribed for or purchased, that right does not constitute an interest in a share.(4) Where a body corporate has an interest in a share and —

the body corporate is, or its directors are, accustomed or likely to act in accordance with the directions, instructions or wishes of a person;

a person has a controlling interest in the body corporate; or

a person is, the associates of a person are, or a person and his associates are, entitled to exercise or control the exercise of not less than fifteen per centum of the votes attached to the voting shares in the body corporate,that person shall be deemed to have an interest in that share.(5) For the purposes of paragraph (c) of subsection (4) of this section, a person is an associate of another person if the first-mentioned person is —

a corporation that, by virtue of section 6 of this Act, is deemed to be related to that other person;

a person in accordance with whose directions, instructions or wishes that other person is accustomed or likely to act in relation to the share referred to in subsection (4) of this section;

a person who is accustomed or likely to act in accordance with the directions, instructions or wishes of that other person in relation to that share;

a body corporate that is, or the directors of which are, accustomed or likely to act in accordance with the directions, instructions or wishes of that other person in relation to that share; or

a body corporate in accordance with the directions, instructions or wishes of which, or of the directors of which, that other person is accustomed or likely to act in relation to that share.(6) Where a person —

has entered into a contract to purchase a share;

has a right, otherwise than by reason of having an interest under a trust, to have a share transferred to himself or to his order, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not;

has the right to acquire a share, or an interest in a share, under an option, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not; or

is entitled (otherwise than by reason of his having been appointed a proxy or representative to vote at a meeting of members of a corporation or of a class of its members) to exercise or control the exercise of a right attached to a share, not being a share of which he is the registered holder,that person shall be deemed to have an interest in that share.(7) A person shall not be deemed not to have an interest in a share by reason only that he has the interest in the share jointly with another person.(8) It is immaterial, for the purposes of determining whether a person has an interest in a share, that the interest cannot be related to a particular share.(9) There shall be disregarded —

an interest in a share if the interest is that of a person who holds the share as bare trustee;

an interest in a share of a person whose ordinary business includes the lending of money if he holds the interest only by way of security for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money;

an interest of a person in a share, being an interest held by him by reason of his holding a prescribed office; and

a prescribed interest in a share, being an interest of such person, or of the persons included in such class of persons, as is prescribed.(10) An interest in a share shall not be disregarded by reason only of —

its remoteness;

the manner in which it arose; or

the fact that the exercise of a right conferred by the interest is, or is capable of being made, subject to restraint or restriction.”.