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CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 689.10

Matters to be disregarded

  (1)   This section applies for the purposes of determining whether a body corporate (the first body ) is a subsidiary of another body corporate.

  (2)   Any shares held, or power exercisable, by the other body in a fiduciary capacity are treated as not held or exercisable by it.

  (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.

  (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.

  (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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