Part 4 Additional Restrictions
Legal Services Act 2007 (2007 c 29) | Legislation

Part 4 Additional Restrictions

Power to impose share limit, voting limit etc

38

(1)     Licensing rules may provide that—

(a)     a non-authorised person may not have a shareholding in a licensed body, or in a parent undertaking of a licensed body, which exceeds a limit specified in the rules (“the share limitâ€);

(b)     a non-authorised person may not have an entitlement to exercise, or control the exercise of, voting rights in a licensable body, or a parent undertaking of a licensable body, which exceeds a limit specified in the rules (“the voting limitâ€);

(c)     the total proportion of shares in a licensed body, or a parent undertaking of a licensed body, held by non-authorised persons may not exceed a limit specified in the rules;

(d)     the total proportion of voting rights in a licensed body, or a parent undertaking of a licensed body, which non-authorised persons are entitled to exercise or control the exercise of, may not exceed

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