Commonwealth Numbered Regulations Commonwealth Numbered RegulationsConsortiums
(1) Paragraph 6(1)(b) of the Act does not apply to a person (the first person ) to the extent that:
(a) the first person holds an interest in a body established for the purposes of a consortium with one or more other persons (the consortium partners ); and
(b) the first person, and its associates, do not hold a substantial interest or an aggregate substantial interest in the body; and
(c) none of the consortium partners that are foreign persons, and their associates, hold a substantial interest or an aggregate substantial interest in the body.
Note: Under paragraph 6(1)(b) of the Act, 2 persons who act in concert are associates. The effect of this subsection is that partners in a consortium are not associates if none of the partners, or their associates, that are foreign persons hold a substantial interest or an aggregate substantial interest in the body established for the purposes of the consortium.
(2) Subsection (1) is to be disregarded in determining whether a person is an associate for the purposes of paragraphs (1)(b) and (c).
Limited partners
(3) Paragraph 6(1)(c) of the Act does not apply to a person (the first person ) to the extent that:
(a) the first person is a limited partner of a limited partnership; and
(b) another person would (apart from this subsection) be an associate of the first person under that paragraph because the other person is also a limited partner or general partner of the partnership; and
(c) the first person (whether alone, or together with one or more associates) is not in a position to participate in the management and control of the partnership, or of any of the general partners of the partnership, in relation to any matter.
Note: Under paragraph 6(1)(c) of the Act, 2 persons who carry on a business in partnership are associates. The effect of this subsection is that the limited partners or general partners of the limited partnership are not associates of the first person.
(4) Subsection (3) is to be disregarded in determining whether a person is an associate for the purposes of paragraph (3)(c).
Foreign government investors
(5) Paragraph 6(1)(l) of the Act does not apply to a foreign government investor mentioned in:
(a) subparagraph (b)(ii), (c)(ii) or (d)(ii) of the definition of foreign government investor in section 17 of this instrument; or
(b) paragraph (e) of that definition to the extent that it relates to any of those subparagraphs.