Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_608:p2
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 608 (pt 2/2)
Character Range: 163386–165327

into account (even if it involves a breach of an agreement or a breach of trust).

 (6) The person does not control the body corporate merely because the person and an entity that is not an associate jointly have the capacity to determine the outcome of decisions about the body corporate's financial and operating policies.

 (7) A person is not to be taken to control a body corporate merely because of a capacity they have if they are under a legal obligation to exercise that capacity for the benefit of:
 (a) if the person is an individual—someone else; or
 (b) if the person is a body corporate—someone other than its members.

Extension to control in anticipation of performance of agreements etc.

 (8) If at a particular time all the following conditions are satisfied:
 (a) a person has a relevant interest in issued securities
 (b) the person (whether before or after acquiring the relevant interest):
 (i) has entered or enters into an agreement with another person with respect to the securities; or
 (ii) has given or gives another person an enforceable right, or has been or is given an enforceable right by another person, in relation to the securities (whether the right is enforceable presently or in the future and whether or not on the fulfilment of a condition); or
 (iii) has granted or grants an option to, or has been or is granted an option by, another person with respect to the securities
 (c) the other person would have a relevant interest in the securities if the agreement were performed, the right enforced or the option exercised;
the other person is taken to already have a relevant interest in the securities.

Note: Subsections 609(6) and (7) deal with specific situations in which the agreement will not give rise to a relevant interest.

Body corporate may have relevant interest in its own securities

 (9) This section may result in a body corporate having a relevant interest in its own securities.