Document ID: chunk:federal_register_of_legislation:F2024C01235:reg:45
Version: federal_register_of_legislation:F2024C01235
Segment Type: reg
Provision Reference: reg 45
Character Range: 118995–120461

45  Meaning of associate—exemptions

Consortiums
 (1) Paragraph 6(1)(b) of the Act does not apply to a person (the first person) to the extent that:
 (a) the first person holds an interest in a body established for the purposes of a consortium with one or more other persons (the consortium partners); and
 (b) the first person, and its associates, do not hold a substantial interest or an aggregate substantial interest in the body; and
 (c) none of the consortium partners that are foreign persons, and their associates, hold a substantial interest or an aggregate substantial interest in the body.
Note: Under paragraph 6(1)(b) of the Act, 2 persons who act in concert are associates. The effect of this subsection is that partners in a consortium are not associates if none of the partners, or their associates, that are foreign persons hold a substantial interest or an aggregate substantial interest in the body established for the purposes of the consortium.
 (2) Subsection (1) is to be disregarded in determining whether a person is an associate for the purposes of paragraphs (1)(b) and (c).

Foreign government investors
 (5) Paragraph 6(1)(l) of the Act does not apply to a foreign government investor mentioned in:
 (a) subparagraph (1)(b)(ii), (c)(ii) or (d)(ii) of the definition of foreign government investor in section 17 of this instrument; or
 (b) paragraph (1)(e) of that definition to the extent that it relates to any of those subparagraphs.