Section 44D — Property (Relationships) Act 1976: Definition of qualifying company

44D Definition of qualifying company (1) In sections 44E and 44F , qualifying company means a company in which a controlling interest is held by, as the case requires,— (a) 1 of the spouses or partners; or (b) the estate of the deceased spouse or partner. (2) For the purposes of this section, a person holds a controlling interest in a company if that person holds (whether directly or indirectly) equity securities in that company that carry in the aggregate 50% or more of the voting rights at a general meeting of the company. (3) For the purposes of this section, a person holds equity securities in a company ( company A ) if— (a) that person is beneficially entitled to, or is beneficially entitled to an interest in, any equity securities in that company (whether or not the whole or any part of the legal ownership of the equity securities is vested in that person); or (b) that person holds a controlling interest in another company ( company B ) that holds equity securities in company A. (4) For the purposes of subsections (2) and (3) , equity security has the same meaning as in section 2 of the Securities Act 1978 . Sections 44A to 44F were inserted, as from 1 February 2002, by section 51 Property (Relationships) Amendment Act 2001 (2001 No 5). See Part 9 of this Act as to the transitional and saving provisions. Subsection (1)(a) was amended, as from 26 April 2005, by section 3(1) Property (Relationships) Amendment Act 2005 (2005 No 19) by substituting the word “ partners ” for the words “ de facto partners ” . Subsection (1)(b) was amended, as from 26 April 2005, by section 3(2) Property (Relationships) Amendment Act 2005 (2005 No 19) by substituting the word “ partner ” for the words “ de facto partner ” .