Section 1279(2)

For this purpose an institution has an interest in shares if the shares, or a depositary certificate in respect of them, are held by it, or on its behalf. A “depositary certificate” means an instrument conferring rights (other than options)— in respect of shares held by another person, and the transfer of which may be effected without the consent of that person.

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