Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subsection (4) applies if a person (whether alone or together with one or more other persons the person acts jointly with):
(a) holds the power to exercise, or control the exercise of, 20% or more of the voting rights in:
(i) a corporation ( higher party ); or
(ii) a partnership (a general partner of which is a higher party ); or
(b) holds, or holds an interest in, 20% or more of the issued securities in a corporation ( higher party ); or
(c) holds 20% or more of the interests in:
(i) a trust (a trustee of which is a higher party ); or
(ii) a partnership (a general partner of which is a higher party );
including because of one or more applications of this section, and:
(d) the higher party (whether alone or together with one or more other persons the person acts jointly with) holds the power to exercise, or control the exercise of, 20% or more of the voting rights in:
(i) a corporation ( lower party ); or
(ii) a partnership ( lower party ) other than the partnership mentioned in subparagraph (a)(ii) or subparagraph (c)(ii) (if either of those subparagraphs apply); or
(e) the higher party holds, or holds an interest in, 20% or more of the issued securities in a corporation ( lower party ); or
(f) the higher party holds 20% or more of the interests in:
(i) a trust ( lower party ); or
(ii) a partnership ( lower party ) other than the partnership mentioned in subparagraph (a)(ii) or subparagraph (c)(ii) (if either of those subparagraphs apply).
(2) A person holds 20% or more of the interests in a trust if the person holds 20% or more of:
(a) the beneficial interest in the income or property of the trust; or
(b) the interest in units in a unit trust.
(3) A person holds 20% or more of the interests in a partnership if the person is entitled to 20% or more of any of the distributions of capital, assets or profits of the partnership, either on dissolution of the partnership or otherwise.
(4) For the purposes of this Part:
(a) if paragraph (1)(d) applies, the person is taken to hold the power to exercise, or control the exercise of, the voting rights in the lower party that the higher party holds the power to exercise or control; or
(b) if paragraph (1)(e) applies, the person is taken to hold, or hold an interest in, the issued securities in the lower party that the higher party holds or holds an interest in; or
(c) if paragraph (1)(f) applies, the person is taken to hold the interests in the lower party that the higher party holds.
(5) The licensing scheme may prescribe a different percentage, or different percentages, to the percentage specified in paragraphs (1)(a) to (f) and subsection (2) or (3).
(6) In this section:
"general partner" means a partner of a partnership whose liability in relation to the partnership is not limited.