Page 448 - IOM Law Society Rules Book

c.8 Financial Services Act 2008 151

“body corporate” includes a limited liability company constituted
under the Limited Liability Companies Act 1996; [c.19]

“building society” has the meaning given in section 7 of the
Industrial and Building Societies Act 1892; [VI p.405]

“chief executive” means an individual who is employed
by the licenceholder and who either alone or jointly
with others is or will be responsible under the
immediate authority of the directors for the conduct
of its business;

“the Commission” has the meaning given by section 1(1);

“conditions” includes restrictions;

“controller” means —

(a) a managing director of a body corporate of which the
licenceholder is a subsidiary;

(b) a chief executive of a body corporate of which the
licenceholder is a subsidiary;

(c) an individual in accordance with whose directions or
instructions one or more of the directors of a body corporate
of which the licenceholder is a subsidiary are accustomed
to act unless the director or directors are accustomed so to
act by reason only that they do so on advice given by that
individual in a professional capacity;

(d) an individual who either alone or with any associate or
associates is entitled to exercise or control the exercise
of 15% or more of the voting power at any general
meeting of the licenceholder or of another body
corporate of which it is a subsidiary;

“crime” means any conduct which —

(a) constitutes one or more criminal offences (whether
under the law of the Island or of any country or territory
outside the Island); or

(b) is, or corresponds to, any conduct which, if it all took
place in the Island, would constitute one or more
criminal offences;

“director” includes —

(a) any person occupying the position of director by
whatever name called;