Commonwealth Numbered Acts

FOREIGN TAKEOVERS ACT 1975 No. 92 of 1975 - SECT 9

9. (1) For the purposes of this Act-

   (a)  a person shall be taken to hold a substantial interest in a
        corporation if the person, alone or together with any associate or
        associates of the person, is in a position to control not less than 15
        per centum of the voting power in the corporation or holds interests
        in not less than 15 per centum of the issued shares in the
        corporation; and

   (b)  2 or more persons shall be taken to hold an aggregate substantial
        interest in a corporation if they, together with any associate or
        associates of any of them, are in a position to control not less than
        40 per centum of the voting power in the corporation or hold interests
        in not less than 40 per centum of the issued shares in the
        corporation.

(2) Where-

   (a)  a person holds a substantial interest in a corporation; or

   (b)  2 or more persons hold an aggregate substantial interest in a
        corporation, that person shall be taken to hold a controlling interest
        in the corporation, or those persons shall be taken to hold an
        aggregate controlling interest in the corporation, as the case may be,
        unless the Treasurer is satisfied that, having regard to all the
        circumstances, that person together with the associate or associates
        (if any) of that person is not, or those persons together with the
        associate or associates (if any) of each of them are not, in a
        position to determine the policy of the corporation.

(3) Where-

   (a)  a person holds a substantial interest, or 2 or more persons hold an
        aggregate substantial interest, in a corporation (including a
        substantial interest held by that person, or an aggregate substantial
        interest held by those persons, by another application or other
        applications of this sub-section); and

   (b)  that corporation is in a position to control all or any of the voting
        power in another corporation or holds interests in all or any of the
        issued shares in another corporation, that person or those persons
        together shall be taken to be in a position to control so much of the
        voting power of the other corporation as the first-mentioned
        corporation is in a position to control or to hold the interests in
        the issued shares in the other corporation that the first-mentioned
        corporation holds, as the case may be.