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.