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CORPORATIONS ACT 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.2 - INTERPRETATION  

Division 6 - Subsidiaries and related bodies corporate  

SECTION 48  MATTERS TO BE DISREGARDED  

48(1)  [Subsidiary]  


This section applies for the purposes of determining whether a body corporate (in this section called the first body) is a subsidiary of another body corporate.

48(2)  [Fiduciary capacity]  


Any shares held, or power exercisable, by the other body in a fiduciary capacity are treated as not held or exercisable by it.

48(3)  [Nominee]  


Subject to subsections (4) and (5), any shares held, or power exercisable:


(a) by a person as a nominee for the other body (except where the other body is concerned only in a fiduciary capacity); or


(b) by, or by a nominee for, a subsidiary of the other body (not being a subsidiary that is concerned only in a fiduciary capacity);

are treated as held or exercisable by the other body.

48(4)  [Debentures]  


Any shares held, or power exercisable, by a person by virtue of the provisions of debentures of the first body, or of a trust deed for securing an issue of such debentures, are to be disregarded.

48(5)  [Money lending]  


Any shares held, or power exercisable, otherwise than as mentioned in subsection (4), by, or by a nominee for, the other body or a subsidiary of it are to be treated as not held or exercisable by the other body if:


(a) the ordinary business of the other body or that subsidiary, as the case may be, includes lending money; and


(b) the shares are held, or the power is exercisable, only by way of security given for the purposes of a transaction entered into in the ordinary course of business in connection with lending money, not being a transaction entered into with an associate of the other body, or of that subsidiary, as the case may be.

 



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