4
In forceMeaning of category 1 body corporate
4 Meaning of category 1 body corporate
A body corporate is a category 1 body corporate if—
(a)
not more than 5% of its voting shares are held, directly or indirectly, by a person who is not ordinarily resident in Australia; and
(b)
either—
(i)
the body corporate is not related to another body corporate and its net tangible assets amount to less than $1,000,000; or
(ii)
the combined net tangible assets of the body corporate and all other bodies corporate related to it amount to less than $1,000,000.
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.