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CONVEYANCERS (CORPORATE STRUCTURES) AMENDMENT ACT 2004 (NO 26 OF 2004) - SECT 4

4—Amendment of section 3—Interpretation

        (1)         Section 3, before the definition of "Commissioner" insert:

"close associate"—see subsection (2);

        (2)         Section 3—after its present contents as amended by this section (now to be designated as subsection (1)) insert:

        (2)         Subject to subsection (3), 2 persons are "close associates if—

            (a)         they are in partnership; or

            (b)         they are related bodies corporate (within the meaning of the Corporations Act 2001 of the Commonwealth); or

            (c)         one is a body corporate and the other is a director, manager, secretary or public officer of the body corporate; or

            (d)         one is a body corporate (other than a public company whose shares are quoted on a prescribed financial market) and the other is a shareholder in the body corporate; or

            (e)         one is a body corporate whose shares are quoted on a prescribed financial market and the other is a substantial shareholder (within the meaning of the Corporations Act 2001 of the Commonwealth) in the body corporate; or

            (f)         one has a right to participate (otherwise than as a shareholder in a body corporate) in income or profits derived from a business conducted by the other; or

            (g)         one is in a position to exercise control or significant influence over the conduct of the other; or

            (h)         they fall within a class of persons prescribed by the regulations for the purposes of this subsection; or

                  (i)         a chain of relationships can be traced between them under any one or more of the above paragraphs.

        (3)         The Governor may, by regulation, exclude classes of persons from the ambit of subsection (2).

        (4)         In subsection (2)—

"prescribed financial market" means a prescribed financial market within the meaning of section 9 of the Corporations Act 2001 of the Commonwealth.



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