Northern Territory Numbered Acts Northern Territory Numbered Acts(1) For this Act, a person is taken to be an associate of another person in the following circumstances:
(a) if the other person is a body corporate:
(i) the person holds or will hold a financial interest in the business of the other person that allows the person to exercise a significant influence over the business of the other person; or
(ii) the person is or will be entitled to exercise a power (whether in right of the person or on behalf of any other person) in the management or operation of the business of the other person that allows the person to exercise a significant influence over the business of the other person;
(b) if the other person is an individual – the person is a relative of the other person;
(c) in any case – the person holds or will hold a significant position in the business of the other person.
(2) For this section, the Commission may determine whether an influence or a position is significant in the circumstances.
(3) In this section:
"financial interest", in relation to a business, means:
(a) any share in the capital of the business; or
(b) any entitlement to receive income derived from the business; or
(c) any entitlement to receive any money or valuable thing as a result of money advanced to the business.
"power", in relation to a business, means any power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others to:
(a) participate in any directorial, managerial, or executive decision of the business; or
(b) elect or appoint any person to a significant position in the business.
"relative", in relation to an individual, means:
(a) the spouse or de facto partner of the person; or
(b) a parent, child, or sibling of the person; or
(c) a parent, child, or sibling of the spouse or de facto partner of the person.
"significant position", in relation to a business, means:
(a) a director or executive officer of a business; or
(b) a managerial position or managerial function in the business, if that position or function has a significant influence over the business; or
(c) any position or function determined by the Commission to be of significant influence over the business.