Control of corporation having a relevant interest by virtue of clause 5
6 Control of corporation having a relevant interest by virtue of clause 5
If a corporation is taken under clause 5 to have a relevant interest in a share in or right to vote at meetings of a co-operative, a person is taken for the purposes of this Part to have a relevant interest in the share or right to vote if—
the corporation is, or its directors are, accustomed or under an obligation, whether formal or informal, to act under the directions, instructions or wishes of the person in relation to the exercise of power to vote in relation to the right to vote or power to dispose of the shares; or
the person has a controlling interest in the corporation; or
the person has power to vote in relation to the right to vote attached to not less than 20% of the voting shares in the corporation.
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