Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 46
What is a subsidiary
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;
- (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.
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