Schedule 4 Company Share Option Plan (CSOP): Supplementary and defined terms: Jointly owned companies
For the purposes of paragraph 34 a jointly owned company is one that is not controlled by any one person and 50% of the issued share capital is owned by one person and 50% by another, or it is otherwise controlled by two persons taken together. Paragraph 34 allows for the Schedule 4 CSOP code relating to group schemes (see ETASSUM47120) to be extended to include jointly owned companies and any company controlled by that jointly owned company. The conditions for this are that no jointly owned company or any company controlled by that company may be a constituent company in more than one Schedule 4 CSOP group scheme nor may the jointly owned company (or one of its subsidiaries) be a constituent company of a Schedule 4 CSOP group scheme if one of those companies (the jointly owned company and its subsidiaries) is a constituent company of another Schedule 4 CSOP group scheme.
For the purposes of determining “control” Word 29kb each joint owner of a jointly owned company is regarded as controlling every jointly owned company and any company controlled by that company.