3
CurrentMaximum permissible level of share interest
3 Maximum permissible level of share interest
(1)
This clause applies where, immediately before the commencement of this clause in this jurisdiction—
(a)
a person lawfully had a relevant interest in shares of a co-operative; and
(b)
the nominal value of the person’s shares was a percentage (the relevant percentage) of the issued share capital of the co-operative that is more than 20% of the nominal value of the issued share capital.
(2)
The maximum of 20% stated by section 363 (1) is taken to be increased for the person by force of this clause to a maximum equal to the relevant percentage.
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