Commentary Chapter 9: Supplementary Provisions Section 254: Director “connected with” a body corporate
473.This section determines whether a company or other body corporate is a person connected with a director. Broadly speaking, the director, together with any other person connected with him, must be interested in 20% of the equity share capital, or control (directly or indirectly through another body corporate controlled by them) more than 20% of the voting power exercisable at any general meeting.
474.Schedule 1 contains the rules for determining whether a person is “interested in shares” for this purpose.