Corporations (Aboriginal and Torres Strait Islander) Act 2006
This section applies for the purposes of determining whether a body corporate (the first body ) is a subsidiary of another body corporate.
689-10(2)
Any shares held, or power exercisable, by the other body in a fiduciary capacity are treated as not held or exercisable by it.
689-10(3)
Subject to subsections (4) and (5) , any shares held, or power exercisable: (a) by a person as a nominee for the other body (except where the other body is concerned only in a fiduciary capacity); or (b) by, or by a nominee for, a subsidiary of the other body (not being a subsidiary that is concerned only in a fiduciary capacity);
are treated as held or exercisable by the other body.
689-10(4)
Any shares held, or power exercisable, by a person by virtue of the provisions of debentures of the first body, or of a trust deed for securing an issue of such debentures, are to be disregarded.
689-10(5)
Any shares held, or power exercisable, otherwise than as mentioned in subsection (4) , by, or by a nominee for, the other body or a subsidiary of it are to be treated as not held or exercisable by the other body if: (a) the ordinary business of the other body or that subsidiary, as the case may be, includes lending money; and (b) the shares are held, or the power is exercisable, only by way of security given for the purposes of a transaction entered into in the ordinary course of business in connection with lending money, not being a transaction entered into with an associate of the other body, or of that subsidiary, as the case may be.
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