Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An entity holds a direct voting interest in a company at a particular time equal to the percentage of the voting power in the company that the entity is in a position to control at that time.
(2) If:
(a) an entity holds a direct voting interest (including a direct voting interest that is taken to be held because of one or more previous applications of this subsection) in a company (the first level company ); and
(b) the first level company holds a direct voting interest in another company (the second level company );
the entity is taken to hold a direct voting interest in the second level company equal to the percentage worked out using the formula:
where:
"first level percentage" means the percentage of the direct voting interest held by the entity in the first level company.
"second level percentage" means the percentage of the direct voting interest held by the first level company in the second level company.