Commonwealth Consolidated Acts Commonwealth Consolidated ActsA 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
(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.
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.