4. Shares or rights held “indirectly”

Past version: effective from 09/03/2020 - 08/03/2020
To view other versions open the versions tab on the right

(1) A person holds a share or right “indirectly” if the person has a majority stake in a person and that person is part of a chain of persons:
(a) each of which (other than the last) has a majority stake in the person immediately below it in the chain; and
(b) the last of which holds the share or right.
(2) For these purposes, A has a “majority stake” in B if:
(a) A holds a majority of the shares or voting rights in B;
(b) A is a member of B and has the right to appoint or remove a majority of the board of directors of B;
(c) A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B; or
(d) A has the right to exercise, or actually exercises, dominant influence or control over B.