Section 422(4)

In this section “shares”— in relation to an undertaking with a share capital, means allotted shares; in relation to an undertaking with capital but no share capital, means rights to share in the capital of the undertaking; in relation to an undertaking without capital, means interests— conferring any right to share in the profits, or liability to contribute to the losses, of the undertaking; or giving rise to an obligation to contribute to the debts or expenses of the undertaking in the event of a winding up.

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Source: legislation.gov.uk · retrieved 2026-09-04