CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 689.5 Control of a body corporate's board

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 689.5

  (1)   For the purposes of this Act, the composition of the board of a body corporate (the first body ) is taken to be controlled by another body (the second body ) if the second body, by exercising a power exercisable (whether with or without the consent or concurrence of any other person) by it, can appoint or remove all, or the majority, of the directors of the first body.

  (2)   For the purposes of this Division, the second body is taken to have power to make such an appointment if:

  (a)   a person cannot be appointed as a director of the first body without the exercise by the second body of such a power in the person's favour; or

  (b)   a person's appointment as a director of the first body follows necessarily from the person being a director or other officer of the second body.

  (3)   Subsections   (1) and (2) do not limit the circumstances in which the composition of a body corporate's board is taken to be controlled by another body corporate.