Australian Capital Territory Consolidated Acts

AUDITOR-GENERAL ACT 1996 - SECT 5

    (1)     For this Act, the Territory or a territory entity has a controlling interest in a company if its interest in the company is such that—

        (a)     it is able to—

              (i)     control the composition of the board of directors of the company; or

              (ii)     cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the company; or

              (iii)     control more than 50% of the issued share capital of the company (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or

        (b)     if paragraph (a) does not apply—no other person holds a greater interest in the company.

    (2)     For this Act, the Territory, or a territory entity, has a controlling interest in a joint venture if its interest in the venture is such that—

        (a)     it is able to control the acts and things done in the course of the venture; or

        (b)     if paragraph (a) does not apply—no other person is able to exercise greater control over the acts and things done in the course of the venture.

    (3)     For this Act, the Territory, or a territory entity, has a controlling interest in a trust if its interest in the trust is such that—

        (a)     it is able to control the acts and things done in the course of carrying out the terms of the trust; or

        (b)     if paragraph (a) does not apply—no other person is able to exercise greater control over the acts and things done in the course of carrying out the terms of the trust.