Document ID: chunk:federal_register_of_legislation:C2024C00492:section:44:p13
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 44 (pt 13/41)
Character Range: 810280–812805

first body.
 (2) For the purposes of this Division, the second body is taken to have power to make such an appointment if:
 (a) a person cannot be appointed as a director of the first body without the exercise by the second body of such a power in the person's favour; or
 (b) a person's appointment as a director of the first body follows necessarily from the person being a director or other officer of the second body.
 (3) Subsections (1) and (2) do not limit the circumstances in which the composition of a body corporate's board is taken to be controlled by another body corporate.

689‑10  Matters to be disregarded
 (1) This section applies for the purposes of determining whether a body corporate (the first body) is a subsidiary of another body corporate.
 (2) Any shares held, or power exercisable, by the other body in a fiduciary capacity are treated as not held or exercisable by it.
 (3) 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.
 (4) 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.
 (5) 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.

689‑15  References in this Division to a subsidiary
  A reference in paragraph 689‑1(b) or 689‑10(3)(b) or subsection 689‑10(5) to being a subsidiary, or to a subsidiary, of a body corporate includes a reference to being a subsidiary, or to a body corporate that is a subsidiary, as the case may be, of the first‑mentioned body by virtue of any other application or applications of