(1) This section applies to a person’s voting power in any of the following relevant entities—(a) the licensee or IR Holdco;(b) any other relevant entity that is a trustee of the IR Holding Trust or IR Operating Trust;(c) the IR Holding Trust or IR Operating Trust.
(2) The person’s voting power in the relevant entity must not, without the required approval, be—(a) more than 5% but not more than 10%; or(b) more than 10% but not more than 20%; or(c) more than 20%.
(3) The required approval must be given by—(a) for subsection (2)(a)—the Minister; or(b) for subsection (2)(b) or (c)—the Governor in Council.
(4) If a person has voting power in more than 1 relevant entity mentioned in subsection (1), the person must comply with subsection (2) in relation to each of the entities.