Australian Capital Territory Consolidated Acts

SECURITY INDUSTRY ACT 2003 - SECT 22

    (1)     In section 21:

"close associate", of a person (the relevant person ), means—

        (a)     a person who—

              (i)     holds or will hold a financial interest, or is or will be entitled to exercise a relevant power, in the relevant person's business; and

              (ii)     the commissioner for fair trading is satisfied, is or will be able to exercise a significant influence in relation to the conduct of the business because of the interest or power; or

        (b)     a person who holds or will hold an executive office in the relevant person's business.

    (2)     In this section:

"executive office", in a business, means a position (however described) in which the person is concerned with, or takes part in, the management of the business.

"exercise "a power includes exercise the power on behalf of someone else.

"financial interest", in relation to a business, means—

        (a)     a share in the capital of the business; or

        (b)     an entitlement to receive income derived from the business, however the entitlement arises.

"hold "a position includes hold the position on behalf of someone else.

"power" means a power exercisable—

        (a)     by voting or otherwise; and

        (b)     alone or with others.

"relevant power", in relation to a business, means a power—

        (a)     to take part in a directorial, managerial or executive decision for the business; or

        (b)     to elect or appoint a person to an executive office in the business.