Controlling interest
32 Controlling interest
A person or several persons together have a controlling interest in a company if – the person or persons acting together may control the composition of the board of directors of the company; or the person or the persons acting together may cast or control the casting of more than half of the maximum number of votes that might be cast at a general meeting of the company; or the person or the persons acting together hold more than one-half of the issued share capital of the company.
The composition of a company's board of directors is taken to be controlled by a person if that person, by the exercise of a power with or without the consent or concurrence of any other person, may appoint or remove all or a majority of the directors.
This Act’s bill:Explanatory notesSecond reading speech
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