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PASSENGER TRANSPORT ACT 2014 - SECT 13
Meaning of "close associate"
13 Meaning of "close associate"
(1) For the purposes of this Act, a person is a
"close associate" of an applicant for accreditation as an operator, or an
operator, of a public passenger service if the person-- (a) holds or will hold
any relevant financial interest, or is or will be entitled to exercise any
relevant power (whether in the person's own right or on behalf of any other
person), in the business of the applicant or operator that is or will be
carried on under the authority of the accreditation, and by virtue of that
interest or power is or will be able (in the opinion of TfNSW) to exercise a
significant influence over or with respect to the management or operation of
that business, or
(b) holds or will hold any relevant position, whether in
the person's own right or on behalf of any other person, in the business of
the applicant or operator that is or will be carried on under the authority of
the accreditation, or
(c) is or will be engaged as a contractor or employed
in the business of the applicant or operator that is or will be carried on
under the authority of the accreditation.
(2) For the purposes of this
section, a financial institution is not a close associate by reason only of
having a relevant financial interest in relation to a business.
(3) The
provisions of this section extend to relevant financial interests and
relevant powers even if those interests and powers are not payable,
exercisable or otherwise enforceable as a matter of law or equity, but are
nevertheless payable, exercisable or otherwise enforceable as a matter of
fact.
(4) In this section--
"relevant financial interest" , in relation to a business, means-- (a) any
share in the capital of the business, or
(b) any entitlement to receive any
income derived from the business, or to receive any other financial benefit or
financial advantage from the carrying on of the business, whether the
entitlement arises at law or in equity or otherwise, or
(c) any entitlement
to receive any rent, profit or other income in connection with the use or
occupation of premises on which the business is or is to be carried on (such
as, for example, an entitlement of the owner of the premises at which the
business is carried on to receive rent as lessor of the premises).
"relevant position" means-- (a) the position of director, manager or corporate
secretary, or
(b) any other position, however designated, if it is an
executive position.
"relevant power" means any power, whether exercisable by voting or otherwise
and whether exercisable alone or in association with others-- (a) to
participate in any directorial, managerial or executive decision, or
(b) to
elect or appoint any person to any relevant position.
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