Close associates
5 Close associates
Two persons are close associates if—
one is a spouse, domestic partner, parent, brother, sister or child of the other; or
they are members of the same household; or
they are in partnership; or
they are joint venturers; or
they are related bodies corporate within the meaning of the
Corporations
Act 2001 of the Commonwealth; or
one is a body corporate and the other is a director or executive officer of the body corporate; or
one is a body corporate (other than a public company whose shares are quoted on a prescribed financial market) and the other is a shareholder in the body corporate; or
one is a body corporate whose shares are quoted on a prescribed financial market and the other has a substantial holding in the body corporate;
or
one has a right to participate (otherwise than as a shareholder in a body corporate) in, or is remunerated by reference to, proceeds or profits derived from a business conducted by the other; or
one is in a position to exercise control or significant influence over the conduct of the other; or
a chain of relationships can be traced between them under any one or more of the above paragraphs.
For the purposes of this section, a reference to a parent, brother, sister or child of a person will be taken to include a reference to a step‑parent, step‑brother, step‑sister or step‑child (as the case requires) of the person.
In subsection (1)—
prescribed financial market means a prescribed financial market within the meaning of section 9 of the Corporations Act 2001 of the
Commonwealth;
substantial holding in a body corporate has the same meaning as in section 9 of the Corporations Act 2001 of the
Commonwealth.
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