TATTOO PARLOURS ACT 2012 - SECT 4
Meaning of "close associate"
TATTOO PARLOURS ACT 2012 - SECT 4
Meaning of "close associate"
4 Meaning of "close associate"
(1) For the purposes of this Act, a person is a
"close associate" of an applicant for a licence or a licensee if the person--
(a) holds or will hold any relevant financial interest, or is or will be
entitled to exercise any relevant power (whether in the person's own right or
on behalf of any other person), in the business of the applicant or licensee
that is or will be carried on under the authority of the licence, and by
virtue of that interest or power is or will be able (in the opinion of the
Commissioner) to exercise a significant influence over or with respect to the
management or operation of that business, or
(b) holds or will hold any
relevant position, whether in the person's own right or on behalf of any other
person, in the business of the applicant or licensee that is or will be
carried on under the authority of the licence, or
(c) is or will be engaged
as a contractor or employed in the business of the applicant or licensee that
is or will be carried on under the authority of the licence.
(2) For the
purposes of this section, a financial institution is not a close associate by
reason only of having a relevant financial interest in relation to a business.
(3) The provisions of this section extend to relevant financial interests and
relevant powers even if those interests and powers are not payable,
exercisable or otherwise enforceable as a matter of law or equity, but are
nevertheless payable, exercisable or otherwise enforceable as a matter of
fact.
(4) In this section--
"relevant financial interest" , in relation to a business, means--
(a) any
share in the capital of the business, or
(b) any entitlement to receive any
income derived from the business, or to receive any other financial benefit or
financial advantage from the carrying on of the business, whether the
entitlement arises at law or in equity or otherwise, or
(c) any entitlement
to receive any rent, profit or other income in connection with the use or
occupation of premises on which the business is or is to be carried on (such
as, for example, an entitlement of the owner of the premises at which the
business is carried on to receive rent as lessor of the premises).
"relevant position" means--
(a) the position of director, manager or
secretary, or
(b) any other position, however designated, if it is an
executive position.
"relevant power" means any power, whether exercisable by voting or otherwise
and whether exercisable alone or in association with others--
(a) to
participate in any directorial, managerial or executive decision, or
