Document ID: chunk:federal_register_of_legislation:C2004A02490:body:0:p23
Version: federal_register_of_legislation:C2004A02490
Segment Type: other
Provision Reference: 
Character Range: 56824–59356

voting

     rights on all questions at general meetings of the company, exceeding in amount 20% of the total of the amounts paid on all shares in the company of a kind carrying such voting rights; or
     (c) hold shareholding interests in the company holding the licence exceeding in amount 20% of the total of the amounts paid on all shares in the company.
"(3) A reference in this section to a foreign person shall be read as a reference to—
     (a) a natural person who is not an Australian citizen; or
     (b) a company, wherever incorporated, that is controlled by a person or persons referred to in paragraph (a).
"(4) For the purposes of paragraph (3) (b), a company shall be deemed to be controlled by a person or persons if, and only if—
     (a) the person is, or persons are, in a position to exercise control of more than 50% of the maximum number of votes that could be cast on a poll at, or arising out of, a general meeting of the company, whether as regards all questions that could be submitted to such a poll or as regards one or more only of those questions;
     (b) the person holds, or persons hold, shareholding interests in the company, being shareholding interests in respect of shares of a kind carrying voting rights on all questions at general meetings of the company, exceeding in amount 50% of the total of the amounts paid on all shares in the company of a kind carrying such voting rights; or
     (c) the person holds, or persons hold, shareholding interests in the company exceeding in amount 50% of the total of the amounts paid on all shares in the company.
"(5) For the purposes of this section, where a person is, or persons are, by virtue of sub-section (4), deemed to control a company (including a person or persons deemed to control a company by virtue of another application or other applications of this sub-section) and the company is in a position to exercise control of any votes in respect of, or holds a shareholding interest in, another company, the person or persons shall be deemed to be in a position to exercise control of those votes or to hold that shareholding interest, as the case may be.
"(6) For the purposes of this section, 2 or more persons shall be taken to be in a position to exercise control of any votes in respect of, or to hold shareholding interests in, a company notwithstanding that they are not acting in concert or otherwise associated.".

Changes in ownership of shares, &c.
26. Section 90j of the Principal Act is amended by omitting sub-sections (2)