Section 79 of the Corporations Act 2001 (Cth) is merely a definition section and does not of itself make a person who is 'involved in a contravention' liable as a principal; other provisions must use the defined term to create liability. The word 'operate' in s 601ED(5) encompasses the acts of the directing mind of a company who formulates and directs a managed investment scheme, and such a person is not exempted by s 601ED(6) as merely acting as agent or employee. The words 'carry on' in s 780(1) refer to the proprietorship of a securities business, not its operations, so a director does not personally 'carry on' the business of the company. A business is not an 'investment advice business' under s 781 merely because some advice about securities is given in its course; the business must have the character or quality of advising others about securities.
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