Document ID: chunk:federal_register_of_legislation:C2017C00073:section:19b:p3
Version: federal_register_of_legislation:C2017C00073
Segment Type: section
Provision Reference: s 19B (pt 3/4)
Character Range: 19955–22819

for the purposes of the definition of Australian body corporate in subsection (1) that a particular body corporate is not effectively controlled by persons who are Australian individuals, Australian government bodies, Australian bodies corporate or Australian fund managers if any of the circumstances set out in subsection (6) apply in relation to the body corporate.
 (5) The directors of CSL may form the opinion for the purposes of the definition of Australian body corporate in subsection (1) that a particular body corporate is effectively controlled by persons who are Australian individuals, Australian government bodies, Australian bodies corporate or Australian fund managers if, in spite of any of the circumstances set out in subsection (6), the directors are satisfied, on reasonable grounds, that the body corporate is effectively controlled by persons who are Australian individuals, Australian government bodies, Australian bodies corporate or Australian fund managers.
 (6) The circumstances are as follows:
 (a) a single foreign person has relevant interests in at least 15% of the voting shares of the body corporate;
 (b) foreign persons, either alone or together with associates of the foreign persons, are in a position to exercise (whether directly or indirectly) control over a significant proportion of the operations of the body corporate;
 (c) foreign persons, either alone or together with associates of the foreign persons, are in a position (whether directly or indirectly) to veto any significant action taken by the board of directors of the body corporate;
 (d) foreign persons, either alone or together with associates of the foreign persons, are in a position (whether directly or indirectly) to appoint, to secure the appointment or veto the appointment of at least half of the board of directors of the body corporate;
 (e) foreign persons, either alone or together with associates of the foreign persons, are in a position to exercise in any manner (whether directly or indirectly), direction or restraint over any substantial issue affecting the management or affairs of the body corporate;
 (f) the body corporate or at least 50% of its directors:
 (i) act or are accustomed to act; or
 (ii) under a contract, or an arrangement or understanding (whether formal or informal), are intended or expected to act;
  in accordance with the directions, instructions or wishes of foreign persons, either alone or together with associates of the foreign persons, either generally or in relation to the body corporate's dealings with CSL or with shares in CSL.
 (7) An employee of a body corporate is not to be regarded for the purposes of subsection (6) as being in a position to:
 (a) exercise control over a significant proportion of the operations of the body corporate; or
 (b) exercise direction or restraint over any substantial