(1)  For the purposes of this Chapter, a person has an interest in a landholder if the person, in the event of a distribution of all the property of the landholder, would be entitled (otherwise than as a creditor of the landholder or other person to whom the landholder is liable) to any of the property distributed.

(2)  A person who has an interest in a landholder has a significant interest in the landholder if the person, in the event of a distribution of all the property of the landholder (disregarding any distribution to meet the liabilities of the landholder) immediately after the interest was acquired, would be entitled (disregarding any entitlement that he or she would have to a distribution of property as a creditor or other person to whom the landholder is liable) to –

(a) in the case of a private landholder, 50% or more of the property distributed; or

(b) in the case of a public landholder, 90% or more of the property distributed.