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:
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:
[ CCH Note: Ch 7 will be amended by No 8 of 2022, s 3, Sch 2[165], by inserting the note, (effective 1 July 2022). The note will read:
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .]
View history note
Hide history noteControl , 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
910B(2)
(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).
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).
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.