131EC
CurrentMeaning of practical control
Volume 2Parts 16 to 32 (sections 128 to 383), Endnotes
Part 16AAPRA’s powers to issue directions
Division 2Directions to relinquish control over an RSE licensee
131EC Meaning of practical control
A person has practical control over an RSE licensee that is a body corporate if:
(a)
either of the following is satisfied:
(i)
the directors of the RSE licensee are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates);
(ii)
the person (either alone or together with associates) is in a position to exercise control over the RSE licensee; and
(b)
the person does not hold a controlling stake in the RSE licensee.
This Act’s bill:Second reading speech
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