Clause 72
Legal Services Bill [Lords]
8:30 pm
Bridget Prentice (Parliamentary Under-Secretary, Ministry of Justice; Lewisham East, Labour)
I beg to move amendment No. 111, in clause 72, page 41, line 10, leave out subsections (1) and (2) and insert—
‘(1) A body (“B”) is a licensable body if a non-authorised person—
(a) is a manager of B, or
(b) has an interest in B.
(2) A body (“B”) is also a licensable body if—
(a) another body (“A”) is a manager of B, or has an interest in B, and
(b) non-authorised persons are entitled to exercise, or control the exercise of, at least 10% of the voting rights in A.
(2A) For the purposes of this Act, a person has an interest in a body if—
(a) the person holds shares in the body, or
(b) the person is entitled to exercise, or control the exercise of, voting rights in the body.
(2B) A body may be licensable by virtue of both subsection (1) and subsection (2).
(2C) For the purposes of this Act, a non-authorised person has an indirect interest in a licensable body if the body is licensable by virtue of subsection (2) and the non-authorised person is entitled to exercise, or control the exercise of, voting rights in A.’.