Holding a stake in a company
10 Holding a stake in a company
A person holds a stake in a company at a particular time only if the person holds a direct control interest in the company.
The stake that a person holds in a company at a particular time is the aggregate of:
the direct control interests in the company that the person holds at that time; and
the direct control interests in the company held at that time by associates of the person.
In calculating the stake that a person holds in a company, a direct control interest held because of subclause 11(2) is not to be counted under paragraph (1)(a) to the extent to which it is calculated by reference to a direct control interest in the company that is taken into account under paragraph (1)(b).
This Act’s bill:Explanatory memorandumSecond reading speech
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