Document ID: chunk:federal_register_of_legislation:F2024C00120:reg:9
Version: federal_register_of_legislation:F2024C00120
Segment Type: reg
Provision Reference: reg 9
Character Range: 14540–16548

9  Specific definition—meaning of direct interest holder
       General definition
        (1) An entity is a direct interest holder, in an asset that is owned or operated by a carrier, if the entity:
         (a) together with any associates of the entity, holds an interest of at least 10% in the asset (including if any of the interests are held jointly with one or more other entities); or
         (b) holds an interest in the asset that puts the entity in a position to directly or indirectly influence or control the asset.
       Exclusions to general definition
        (2) Subsection (1) does not apply to an interest in an asset held by a Governor, First Minister, Administrator or Minister of a State or Territory.
        (3) Subsection (1) does not apply to an interest in an asset if:
         (a) the entity holds the interest in the asset solely:
            (i) by way of security for the purposes of a moneylending agreement; or
            (ii) as a result of enforcing a security for the purposes of a moneylending agreement; and
         (b) the holding of the interest does not put the entity in a position to directly or indirectly influence or control the asset; and
         (c)  if the entity is holding the interest solely by way of security—enforcing the security would not put the entity in a position to directly or indirectly influence or control the asset.
How certain interests are held
        (4) For the purposes of this instrument, and without limitation, an interest in an asset that is owned or operated by a carrier is taken to be held if:
         (a) one or more trustees hold the interest on behalf of the beneficiaries of the trust; or
         (b) one or more partners hold the interest on behalf of the partnership; or
         (c) one or more trustees hold the interest on behalf of the beneficiaries of the superannuation fund; or
         (d) one or more appointed officers hold the interest on behalf of the company.

Part 2—Conditions

Division 1—General