Section 3Part 1 — PRELIMINARY
Construction of other expressions
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No share shall be deemed to be beneficially owned by a Caymanian if —
that Caymanian is in any way under any obligation to exercise any right attaching to that share at the instance of, or for the benefit of, any person who is not Caymanian;
that share is held jointly or severally with any person who is not Caymanian; or
that share is owned by a subsidiary company of the company concerned.
For the purposes of this Law, a company shall be deemed to be Caymanian controlled if the Board is satisfied that effective control is not, either directly or indirectly, or by reason of any arrangement, artifice or device vested in, or permitted to pass to, persons who are not Caymanians.
Notwithstanding subsection (1), a share shall be deemed to be beneficially owned by a Caymanian if —
it is owned by a Caymanian as trustee and every person having a beneficial interest in the trust is a Caymanian;
it is owned by a Caymanian as nominee for another who is also a Caymanian and no one is in any way under any obligation to exercise any right attaching to that share at the instance of, or for the benefit of, any person who is not a Caymanian: Provided that this subsection shall not apply to any ownership of shares to which paragraph (c) of subsection (1) applies.
For the purposes of subsection (1), a company shall be deemed to be a subsidiary of another company (in this subsection referred to as "the parent company") if —
the parent company owns more than fifty per cent of the shares in that company;
the parent company is in a position to exercise more than fifty per cent of the voting rights in that company; or
by means of any agreement, artifice or device, effective control in that company can be exercised either directly or indirectly by the parent company.