Associated entities: natural persons
5C Associated entities: natural persons
For the purposes of this Act, a natural person (in this section called the associate) is associated with another person if the other person:
holds property jointly with the associate; or
is a trustee of a trust under which the associate is capable of benefiting; or
can benefit under a trust of which the associate is a trustee; or
is employed, or is engaged under a contract for services, by the associate; or
acts as agent for the associate in any transaction or dealing; or
is a principal for whom the associate acts as an agent; or
is an attorney of the associate under a power of attorney; or
has appointed the associate as the other person’s attorney under a power of attorney; or
gives professional advice to the associate; or
is given professional advice by the associate.
A natural person (the associate) is also associated with another person if the associate has acquired or disposed of property as a result of dealing with the other person.
The circumstances set out in subsections (1) and (2) are the only circumstances in which a natural person is associated with another person for the purposes of this Act.
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