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CORPORATIONS ACT 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.2 - INTERPRETATION  

Division 6 - Subsidiaries and related bodies corporate  

SECTION 46  

46  WHAT IS A SUBSIDIARY  

A body corporate (in this section called the first body) is a subsidiary of another body corporate if, and only if:


(a) the other body:


(i) controls the composition of the first body's board; or

(ii) is in a position 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 first body; or

(iii) holds more than one-half of the issued share capital of the first body (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or


(b) the first body is a subsidiary of a subsidiary of the other body.

 



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