This is a fairly simple section. It simply provides that a beneficial percentage entitlement may be traced through a chain of companies, and that is set out in an example which I have circulated. It shows, for example, if company A holds 50 per cent of the shares in company B and also 50 per cent of the shares in company C, while company C holds the other 50 per cent of company B, then A is regarded as holding 75 per cent of the shares in company B.
SECTION 114.
Question proposed: " That section 114 stand part of the Bill."
Could it be a consortium as well as a company?
Yes.
This is one of the sections you have to put in, when you are trying to do something in the statute, to ensure your intention is not twisted in another way.
That is right. It is so clear you feel it should not be necessary to put it in.
It is in for the definition of a group.
Yes.
Question put and agreed to.