Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:2_160ardaa:p2
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 2 cl 160ARDAA (pt 2/2)
Character Range: 18109–19852

directions, instructions or wishes of a group in relation to the entity; or
 (e) a group in relation to the entity is able (directly or indirectly) to remove or appoint the trustee of the trust if the institution is a trust; or
 (f) a group in relation to the entity has more than a 50% stake in the income or capital of the institution; or
 (g) entities in a group in relation to the entity are the only entities that, under the terms of:
 (i) the constitution of the institution or the terms on which the institution is established; or
 (ii) the terms of the trust if the institution is a trust;
  can obtain the beneficial enjoyment of the income or capital of the institution.

 (4) For the purposes of subsection (3), each of the following constitute a group in relation to an entity:
 (a) the entity acting alone;
 (b) an associate of the entity acting alone;
 (c) the entity and one or more associates of the entity acting together;
 (d) 2 or more associates of the entity acting together.

Controller of exempt institution that is not a company—deemed absence of control

 (5) If:
 (a) at a particular time, an entity is a controller of an exempt institution that is not a company; and
 (b) the Commissioner, having regard to all relevant circumstances, considers that it is reasonable that the entity be taken not to be a controller of the institution at the particular time;
the entity is taken not to be a controller of the institution at the particular time.

 (6) Without limiting paragraph (5)(b), the Commissioner may have regard under that paragraph to the identity of the beneficiaries of the trust at any time before and at any time after the entity began to be a controller of the institution if the institution is a trust.