Document ID: chunk:federal_register_of_legislation:F2020N00147:body:0:p2
Version: federal_register_of_legislation:F2020N00147
Segment Type: other
Provision Reference: 
Character Range: 2480–3473

2.     Kotilda OÜ

 Schedule – the conditions

 Limits on individual shareholdings

None of the applicants may individually hold a direct control interest of more than 20% in TransferWise Ltd ABN 17 168 331 191 without prior approval from the Treasurer or a delegate of the Treasurer.

Notes

 Under subclause 10(1A) of Schedule 1 to the Act, a person holds a stake in a company at a particular time, only if the person holds a direct control interest in the company. A direct control interest in a company at a particular time is, under subclause 11(1) of Schedule 1 to the Act, equal to the percentage voting power in the company that the person is in a position to control at that time. Under subclause 11(2) of Schedule 1 to the Act, a person's direct control interest in a company (the second level company) includes the person's direct control interest in a company (the first level company) multiplied by the first level company's direct control interest in the second level company.