Section 397 | Companies owned by consortiums and members of consortiums

(1)This section defines what a company being owned by, or a member of, a consortium means for the purposes of the sales of lessors Chapters.

(2)A company is owned by a consortium if—

(a)it is not a qualifying 75% subsidiary of any company,

(b)at least 75% of its ordinary share capital is beneficially owned between them by other companies, and

(c)none of those other companies owns less than 5% of that capital.

(3)Those other companies are the members of the consortium.