Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 12

Related corporations

12. Related corporations



(1) For the purposes of this Act, a corporation is related to another
corporation-

   (a)  if the corporation and that other corporation are by reason of section
        50 of the Corporations Law related to each other for the purposes of
        that Law;4

   (b)  if the directors of the corporation are accustomed or under an
        obligation, whether formal or informal, to act in accordance with the
        directions, instructions or wishes of the directors of that other
        corporation;

   (c)  if the directors of that other corporation are accustomed or under an
        obligation, whether formal or informal, to act in accordance with the
        directions, instructions or wishes of the directors of the
        corporation;

   (d)  if the other corporation is, by reason of section 50 of the
        Corporations Law related for the purposes of that Law to another
        corporation the directors of which are accustomed or under an
        obligation, whether formal or informal, to act in accordance with the
        directions, instructions or wishes of the directors of the
        corporation;5

   (e)  if the directors of the corporation and the directors of that other
        corporation are accustomed or under an obligation, whether formal or
        informal, to act in accordance with the directions, instructions or
        wishes of another person;

   (f)  if that other corporation has a share capital and the directors of the
        corporation may (whether directly or indirectly) exercise, control the
        exercise of or substantially influence the exercise of, 50 per centum
        or more of the voting power attached to voting shares issued by that
        other corporation; or

   (g)  where the corporation and that other corporation are corporations each
        of which has a share capital, if the person or persons who may
        (whether directly or indirectly) exercise, control the exercise of or
        substantially influence the exercise of, 50 per centum or more of the
        voting power attached to voting shares issued by one of those
        corporations, may also exercise, control the exercise of or
        substantially influence the exercise of, 50 per centum or more of the
        voting power attached to voting shares issued by that other
        corporation.

(2) Notwithstanding the provisions of subsection (1), a corporation is not
related, for the purposes of this Act, to another corporation where-

   (a)  the corporation and that other corporation are not, by reason of
        section 50 of the Corporations Law related to each other for the
        purposes of that Law; and6

   (b)  the Commissioner is satisfied that neither corporation carries on a
        trade, business or profession with an intention, whether direct or
        indirect, of avoiding or evading the payment of duty.