Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p5
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 5/16)
Character Range: 126184–128763

a particular time (even if the standard does not apply to a financial year of a company in which that time occurs); and

    (c)     provides for determining whether an entity has control over another entity;

the question of whether an entity has or had control over another entity at that time is to be determined in accordance with the provision in the standard.

Related party of a public company

"243F.(1) Each of the following is a related party of a public company:

  (a)     a director of the public company;

     (b)     a director of a body corporate that is a parent entity of the public company;

     (c)     one of the persons constituting an entity (other than a body corporate) that is a parent entity of the public company;

  (d)     a spouse or de facto spouse of such a director or person;

     (e)     a parent, son or daughter of such a director, person, spouse or de facto spouse;

     (f)      an entity (other than a child entity of the public company) over which:

       (i) a person of a kind referred to in paragraph (a), (b), (c),

         (d) or (e) has control; or

       (ii) 2 or more such persons together have control;

   (g) a parent entity or sibling entity of the public company.

"(2) An entity is also a related party of a public company at a particular time if the entity was a related party of the public company because of subsection (1) at any time within the previous 6 months.

"(3) An entity is also a related party of a public company at a particular time if:

     (a)     the entity believes at that time, or has at that time reasonable grounds to believe, that it is likely to become an entity of a particular kind at some future time; and

     (b)     by becoming an entity of that kind, it would become at that future time a related party of the public company because of subsection (1).

"(4) For the purposes of subsection (3), an entity (other than a body corporate) constituted by 2 or more persons is taken to believe, or to have reasonable grounds to believe, something if at least one of those persons believes, or has such grounds to believe, that thing.

  "(5) If, at a particular time, an entity:

    (a)     was or is a related party of a public company because of subsection (1), (2) or (3); and

    (b)     acted, or proposes to act, in concert with another entity ('the associate') in respect of the giving or proposed giving of a financial benefit ('the primary benefit') by the public company, or by a child entity of the public company, to the associate; and

    (c)     so acted, or proposes so