Commissioner may determine person has a controlling interest in a corporation

In force

(1)

For the purposes of section 3A(1)(d), the Commissioner may determine that a person has a controlling interest in a corporation if, in the Commissioner's opinion, the person has the capacity to determine or influence, directly or indirectly, the outcome of decisions about the corporation's financial and operating policies, taking into account—

(a)

the practical influence the person can exert in addition to any rights the person can enforce; and

(b)

any practice or behaviour affecting the corporation's financial or operating polices (even if that practice or pattern of behaviour involves the breach of an agreement or a breach of trust).

(2)

This section applies regardless of any interests that any other person has in the corporation.

S. 3D inserted by No. 26/2015 s. 15.

Research tools for this sectionSubscription

Cited by Analyse Interrogate History Equivalents

The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.

3C Commissioner may determine person has a controlling interest in a corporation