Section 254(2)

A director is connected with a body corporate if, but only if, he and the persons connected with him together— are interested in shares comprised in the equity share capital of that body corporate of a nominal value equal to at least 20% of that share capital, or are entitled to exercise or control the exercise of more than 20% of the voting power at any general meeting of that body.

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