Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 48

48. (1) This section applies for the purposes of determining whether a body
corporate (in this section called 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 shall be 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); shall be
        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, shall 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
shall 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.