Document ID: chunk:federal_register_of_legislation:C2024A00121:section:23
Version: federal_register_of_legislation:C2024A00121
Segment Type: section
Provision Reference: s 23
Character Range: 31285–32855

23  Meaning of control and change in control of registered person
 (1) A person (the first person) controls a registered person if the first person (whether alone or together with one or more other persons the first person acts jointly with):
 (a) holds the power to exercise, or control the exercise of, 20% or more of the voting rights in the registered person; or
 (b) holds, or holds an interest in, 20% or more of the issued securities in the registered person.
 (2) A person acts jointly with another person if the person acts or is accustomed to acting in agreement with, or in accordance with the wishes of, the other person.
 (3) The rules may prescribe a different percentage, or different percentages, to the percentage specified in paragraph (1)(a) or (b).
 (4) Without limiting this section or subsection 33(3A) of the Acts Interpretation Act 1901, rules made for the purposes of subsection (3) of this section may prescribe different percentages for different registered persons or different classes of registered persons.
 (5) There is a change in control of a registered person if:
 (a) one or more persons (an original controller) control the registered person at a particular time; and
 (b) either:
 (i) one or more other persons begin to control the registered person (whether alone or together with one or more other persons the person acts jointly with) after that time; or
 (ii) an original controller (whether alone or together with one or more other persons the person acts jointly with) ceases to control the registered person after that time.