Control is defined1 as control of powers of voting on all questions affecting the company as a whole which, if exercised, would yield a majority of the votes capable of being exercised2. A person is not prevented from having control simply because a company has one or more classes of shares or securities with voting rights limited to3:
- Ìý
•ÌýÌýÌýÌý the question of winding up the company, and/or
- Ìý
•ÌýÌýÌýÌý any questions primarily affecting shares or securities of that class
This definition of control, and the rules for taking into account related property and property subject to an interest in possession in assessing whether there is control4, are discussed and illustrated with examples in I7.112D.
There is one provision specific to the APR provisions, although it corresponds with an identical provision of the BPR rules5.
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Web page updated on 17 Mar 2025 15:50