Corporations Act 2001
CHAPTER 1
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INTRODUCTORY
PART 1.2
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INTERPRETATION
Division 6
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Subsidiaries and related bodies corporate
SECTION 47
47
CONTROL OF A BODY CORPORATE'S BOARD
Without limiting by implication the circumstances in which the composition of a body corporate's board is taken to be controlled by another body corporate, the composition of the board is taken to be so controlled if the other body, by exercising a power exercisable (whether with or without the consent or concurrence of any other person) by it, can appoint or remove all, or the majority, of the directors of the first-mentioned body, and, for the purposes of this Division, the other body is taken to have power to make such an appointment if:
(a) a person cannot be appointed as a director of the first-mentioned body without the exercise by the other body of such a power in the person's favour; or
(b) a person's appointment as a director of the first-mentioned body follows necessarily from the person being a director or other officer of the other body.
Without limiting by implication the circumstances in which the composition of a body corporate's board is taken to be controlled by another body corporate, the composition of the board is taken to be so controlled if the other body, by exercising a power exercisable (whether with or without the consent or concurrence of any other person) by it, can appoint or remove all, or the majority, of the directors of the first-mentioned body, and, for the purposes of this Division, the other body is taken to have power to make such an appointment if:
(a) a person cannot be appointed as a director of the first-mentioned body without the exercise by the other body of such a power in the person's favour; or
(b) a person's appointment as a director of the first-mentioned body follows necessarily from the person being a director or other officer of the other body.
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