Part 1 Introductory
Legal Services Act 2007 (2007 c 29) | Legislation

SCHEDULE 13 Ownership of Licensed Bodies

Section 89

Part 1 Introductory

Restricted interests subject to approval

1

(1)     The holding by a non-authorised person of a restricted interest in a licensed body is subject to the approval of the relevant licensing authority in accordance with the provisions of this Schedule.

(2)     In relation to a licensed body which is a partnership, for the purposes of section 34 of the Partnership Act 1890 (c 39) (dissolution by illegality) the holding by a non-authorised person of a restricted interest in the body without the approval of the relevant licensing authority does not make it unlawful for the business of the partnership to be carried on, or for the partners to carry it on in partnership.

Restricted interest

2

(1)     “Restricted interest†means each of the following—

(a)     a material interest;

(b)     if licensing rules are made by the relevant licensing authority under sub-paragraph (2), a controlled interest.

(2)     Licensing rules may specify that a controlled interest is a restricted interest for the purposes of this Schedule.

Material interest

3

(1)     For the purposes of this Part of this Act, a person holds a material interest in a body (“Bâ€) if

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