Meaning of control and change in control of licence holder
84 Meaning of control and change in control of licence holder
A person controls a licence holder if the person (whether alone or together with one or more other persons the person acts jointly with):
holds the power to exercise, or control the exercise of, 20% or more of the voting rights in the licence holder; or
holds, or holds an interest in, 20% or more of the issued securities in the licence holder.
A person acts jointly with another person if the person acts or is accustomed to acting in agreement with, or in accordance with the wishes of, the other person.
The licensing scheme may prescribe a different percentage, or different percentages, to the percentage specified in paragraph (1)(a) or (b).
There is a change in control of a licence holder if:
one or more persons (an original controller) control the licence holder at a particular time; and
either:
one or more other persons begin to control the licence holder (whether alone or together with one or more other persons the person acts jointly with) after that time; or
an original controller (whether alone or together with one or more other persons the person acts jointly with) ceases to control the licence holder after that time.
This Act’s bill:Explanatory memorandumSecond reading speech
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