Section 988(3)

For the purposes of subsection (1)(c) an offeror has a substantial interest in a body corporate if— the body or its directors are accustomed to act in accordance with his directions or instructions, or he is entitled to exercise or control the exercise of one-third or more of the voting power at general meetings of the body. Subsections (2) and (3) of section 823 (which contain provision about when a person is treated as entitled to exercise or control the exercise of voting power) apply for the purposes of this subsection as they apply for the purposes of that section.

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