Sch 1 para 4
(1) A person is taken to have an interest in shares if, not being the registered holder, he is entitled— (a) to exercise any right conferred by the holding of the shares, or (b) to control the exercise of any such right. (2) For this purpose a person is taken to be entitled to exercise or control the exercise of a right conferred by the holding of shares if he— (a) has a right (whether subject to conditions or not) the exercise of which would make him so entitled, or (b) is under an obligation (whether or not so subject) the fulfilment of which would make him so entitled. (3) A person is not by virtue of this paragraph taken to be interested in shares by reason only that— (a) he has been appointed a proxy to exercise any of the rights attached to the shares, or (b) he has been appointed by a body corporate to act as its representative at any meeting of a company or of any class of its members.