SRA Handbook

Interpretation

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Version 11 of the Handbook was published on 01/10/2014. For more information, please click 'History' Above

Rule 1: Interpretation

1.1

The SRA Handbook Glossary 2012 shall apply and, unless the context otherwise requires:

(a)

all italicised terms shall be defined; and

(b)

all terms shall be interpreted,

in accordance with the Glossary.

Guidance notes

(i)

The Glossary definition of "owner" relates to anyone holding a material interest, together with any person who is a partner in a partnership (including salaried partners) regardless of the extent of their interest.

(ii)

When assessing whether a person is an owner with a "material interest", the calculation of the person's interest takes into account not only that person's interest, but also the interests of any associates. "Associates" is defined for these purposes in accordance with paragraph 5 to Schedule 13 of the LSA and includes relationships where the Act assumes a likelihood of influence such as employer over employee.