Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 17
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INTERPRETING THIS ACT
PART 17-1
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MEANING OF SOME IMPORTANT CONCEPTS
Division 689
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Subsidiaries and control
SECTION 689-1
689-1
WHAT IS A SUBSIDIARY
A body corporate (the first body ) is a subsidiary of another body corporate if, and only if: (a) the other body:
A body corporate (the first body ) is a subsidiary of another body corporate if, and only if: (a) the other body:
(i) controls the composition of the first body ' s board; or
(ii) is in a position to cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the first body; or
(b) the first body is a subsidiary of a subsidiary of the other body.
(iii) holds more than one-half of the issued share capital of the first body (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or
Note:
Subparagraph (a)(iii) - although an Aboriginal and Torres Strait Islander corporation itself does not have shares, the corporation may hold shares in a body corporate that does have shares.
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