Commonwealth Numbered Acts

EXPORT MARKET DEVELOPMENT GRANTS ACT 1974 No. 154 of 1974 - SECT 10

10. (1) Where 2 or more corporations are related to each other at any time
during a grant year, those corporations shall be treated as members of a group
of corporations in relation to that year.

(2) For the purposes of this section-

   (a)  where a corporation is a subsidiary of another corporation, the
        first-mentioned corporation and that other corporation shall be taken
        to be related to each other; and

   (b)  where 2 or more corporations are each subsidiaries of another
        corporation, those corporations and that other corporation shall be
        taken to be related to each other.

(3) For the purposes of this section, but subject to sub-sections (4) and (5),
a corporation shall be deemed to be a subsidiary of another corporation if-

   (a)  that other corporation holds all the issued share capital of the
        first-mentioned corporation; or

   (b)  the first-mentioned corporation is a subsidiary of a corporation that
        is that other corporation's subsidiary.

(4) In determining whether one corporation is a subsidiary of another
corporation for the purposes of this section, any share held-

   (a)  by a person as a nominee of that other corporation; or

   (b)  by, or by a nominee of, a subsidiary of that other corporation, shall
        be treated as held by that other corporation.

(5) Where the Board is satisfied that an act or thing (including the making of
an agreement or arrangement, the transfer or issue of share capital or the
forming of a corporation) has been done for a purpose that includes, or
purposes that include, the purpose of preventing a corporation from being
treated as a subsidiary of another corporation with a view to obtaining, or
affecting the amount of, a grant, the Board may treat the first-mentioned
corporation as being a subsidiary of the other corporation.