(1) For the purposes of this Act, a person is a
"close associate" of an applicant for, or the holder of, a firearms dealerlicence if the person--
(a) holds or will hold any
relevant financial interest, or is or will be entitled to exercise any
relevant power (whether in his or her own right or on behalf of any other
person), in the business of the licence applicant or licence holder, and by
virtue of that interest or power is or will be able to exercise a significant
influence over or with respect to the conduct of that business, or
(b) holds
or will hold any relevant position, whether in his or her own right or on
behalf of any other person, in the business of the licence applicant or
licence holder.
(2) In this section--
"relevant financial interest" , in relation to a business, means--
(a) any
interest in the capital or assets of the business, or
(b) any entitlement to
receive any income derived from the business, whether the entitlement arises
at law or in equity or otherwise.
"relevant position" , in relation to a business, means a position whose holder
participates in the management of the business (whether in the capacity of a
director, manager or secretary or in any other capacity).
"relevant power" means any power, whether exercisable by voting or otherwise
and whether exercisable alone or in association with others--
(a) to
participate in any managerial or executive decision, or