Foreign Acquisitions and Takeovers Act 1975

PART 1 - PRELIMINARY  

Division 2 - Definitions  

Subdivision B - Some defined terms and rules of interpretation  

SECTION 7   MEANING OF INDEPENDENT DIRECTOR  

Listed entities

7(1)    
A person is an independent director of an entity if:

(a) the person is:

(i) a director of the entity; or

(ii) for a unit trust - a director of a trustee of the entity; and

(b) the entity is listed for quotation in the official list of a stock exchange (whether or not in Australia); and

(c) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).

Note: If the stock exchange does not have criteria for a director to be independent, a director of an entity listed for quotation in the official list of the stock exchange is not an independent director.

Entities whose securities are stapled

7(2)    
A person is an independent director of an entity (the first entity ) if:

(a) the person is a director of the first entity and another entity; and

(b) the securities in the first entity can only be transferred together with securities in the other entity; and

(c) the first entity is not listed for quotation in the official list of a stock exchange, but the other entity is (whether or not in Australia); and

(d) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).