77. (1) For the purposes of section 75, a person is connected with a director of an ICAV if, but only if, the person (not being a director of the ICAV) is—

(a) the director’s spouse, civil partner within the meaning of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, parent, brother, sister or child,

(b) a person acting as the trustee of any trust, the principal beneficiaries of which are the director, the director’s spouse or civil partner or any of the director’s children or any body corporate which the director controls, or

(c) in partnership, within the meaning of section 1(1) of the Partnership Act 1890, with the director.

(2) A body corporate shall also be deemed to be connected with a director of an ICAV if it is controlled by that director.

(3) For the purposes of this section, a director of an ICAV shall be deemed to control a body corporate if, but only if, the director is, alone or together with any other director or directors of the ICAV, or any person connected with the director or such other director or directors, interested in one-half or more of the equity share capital of that body or entitled to exercise or control the exercise of one-half or more of the voting power at any general meeting of that body.

(4) In subsection (3) —

(a) “equity share capital”, in relation to an ICAV, means its issued share capital excluding any part of it which, neither as respects dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution;

(b) references to voting power exercised by a director shall include references to voting power exercised by another body corporate which that director controls.