Meaning of “close associate”
22 Meaning of “close associate”
For the purposes of this Act, a person is a close associate of an applicant for, or the holder of, a licence if the person—
holds or will hold any relevant financial interest, or is or will be entitled to exercise any relevant power (whether in his or her own right or on behalf of any other person), in the totalizator business of the licence applicant or holder, and by virtue of that interest or power is or will be able (in the opinion of the Minister) to exercise a significant influence over or with respect to the conduct of that totalizator business, or
holds or will hold any relevant position, whether in his or her own right or on behalf of any other person, in the totalizator business of the licence applicant or holder.
In this section—
relevant financial interest means—
any share in the capital of the business, or
any entitlement to receive any income derived from the business, whether the entitlement arises at law or in equity or otherwise.
relevant position means the position of director, manager, and other executive positions and secretary, however those positions are designated, and such other positions as may be prescribed by the regulations for the purposes of this definition.
relevant power means any power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others—
to participate in any directorial, managerial or executive decision, or
to elect or appoint any person to any relevant position.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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