Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 46

Meaning of subsidiary --general

    A body corporate (in this section called 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

  (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

  (b)   the first body is a subsidiary of a subsidiary of the other body.



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