WORKERS COMPENSATION ACT 1987 - SECT 175P
Primary groups arising from tracing of interests in corporations
WORKERS COMPENSATION ACT 1987 - SECT 175P
Primary groups arising from tracing of interests in corporations
175P Primary groups arising from tracing of interests in corporations
(1) An
entity and a corporation form part of a primary group if the entity has a
controlling interest in the corporation.
(2) For the purposes of this
section, an entity has a
"controlling interest" in a corporation if the corporation has share capital
and--
(a) the entity has a direct interest in the corporation and the value of
that direct interest exceeds 50%, or
(b) the entity has an indirect interest
in the corporation and the value of that indirect interest exceeds 50%, or
(c) the entity has an aggregate interest in the corporation and the value of
the aggregate interest exceeds 50%.
(3) Schedule 2 has effect.
Note :
Schedule 2 sets out the manner for determining whether an entity has a direct
interest, indirect interest or aggregate interest in a corporation, and the
value of such an interest.
(4) In this section--
"associated person" has the meaning given by the Duties Act 1997.
