Section 147 — Companies Act 1993: Relevant interests to be disregarded in certain cases

147 Relevant interests to be disregarded in certain cases (1) For the purposes of section 148 of this Act, no account shall be taken of a relevant interest of a person in a share if— (a) The ordinary business of the person who has the relevant interest consists of, or includes, the lending of money or the provision of financial services, or both, and that person has the relevant interest only as security given for the purposes of a transaction entered into in the ordinary course of the business of that person; or (b) That person has the relevant interest by reason only of acting for another person to acquire or dispose of that share on behalf of the other person in the ordinary course of business of a sharebroker and that person is a person authorised to undertake trading activities on a stock exchange; or (c) That person has the relevant interest solely by reason of being appointed as a proxy to vote at a particular meeting of members, or of a class of members, of the company and the instrument of that person's appointment is produced before the start of the meeting in accordance with clause 6(4) of Schedule 1 to this Act or by a time specified in the company's constitution, as the case may be; or (d) That person— (i) Is a trustee corporation or a nominee company; and (ii) Has the relevant interest by reason only of acting for another person in the ordinary course of business of that trustee corporation or nominee company; or (e) The person has the relevant interest by reason only that the person is a bare trustee of a trust to which the share is subject. (2) For the purposes of subsection (1)(e) of this section, a trustee may be a bare trustee notwithstanding that he or she is entitled as a trustee to be remunerated out of the income or property of the trust. Subsection (1)(b) was amended, as from 1 December 2002, by section 30 Securities Markets Amendment Act 2002 (2002 No 44) by substituting the words “ person authorised to undertake trading activities on ” for the words “ member of ” .