Commonwealth Consolidated Acts

SECURITY OF CRITICAL INFRASTRUCTURE ACT 2018 - SECT 8C

Meaning of subsidiary

  (1)   A corporate entity (the lower entity ) is a subsidiary of another corporate entity (the higher entity ) if:

  (a)   the higher entity:

  (i)   is in a position to control more than half the voting power in the lower entity; or

  (ii)   holds more than half the issued securities in the lower entity (disregarding any securities that carry no right to participate beyond a specified amount in a distribution of either profits or capital); or

  (b)   the lower entity is a subsidiary of a corporate entity that is the higher entity's subsidiary (including because of one or more applications of this subsection).

Meaning of holding entity

  (2)   A corporate entity (the higher entity ) is a holding entity of another corporate entity (the lower entity ) if the lower entity is a subsidiary of the higher entity.