Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 1 - Preliminary  

SECTION 910B   MEANING OF CONTROL  

910B(1)  
Control , of a body corporate, is:


(a) having the capacity to cast, or control the casting of, more than one half of the maximum number of votes that might be cast at a general meeting of the body corporate; or


(b) directly or indirectly holding more than one half of the issued share capital of the body corporate (not including any part of the issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital, and not including MCIs); or


(c) having the capacity to control the composition of the body corporate ' s board or governing body; or


(d) having the capacity to determine the outcome of decisions about the body corporate ' s financial and operating policies, taking into account:


(i) the practical influence that can be exerted (rather than the rights that can be enforced); and

(ii) any practice or pattern of behaviour affecting the body corporate ' s financial or operating policies (whether or not it involves a breach of an agreement or a breach of trust).

910B(2)  
Control , of an entity other than a body corporate, is:


(a) having the capacity to control the composition of the entity ' s board or governing body (if any); or


(b) having the capacity to determine the outcome of decisions about the entity ' s financial and operating policies, taking into account:


(i) the practical influence that can be exerted (rather than the rights that can be enforced); and

(ii) any practice or pattern of behaviour affecting the entity ' s financial or operating policies (whether or not it involves a breach of an agreement or a breach of trust).

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