13A

Meaning of associate in section 13

In force

(1)

For the purposes of section 13(5), a natural person is an associate of another person if she or he—

S. 13A(1)(a) amended by No. 27/2001 s. 8(Sch. 6 item 3.3).

(a)

is the spouse or domestic partner of that other person; or

(b)

is a business partner of that other person or has entered into a business arrangement or relationship with that other person.

(2)

For the purposes of section 13(5), a natural person is an associate of a body corporate if she or he—

S. 13A(2)(a) amended by No. 27/2001 s. 8(Sch. 6 item 3.3).

(a)

is a director or secretary of the body corporate or a spouse or domestic partner of such a director or secretary; or

(b)

holds or will hold any relevant financial interest, or is or will be entitled to exercise any relevant power (whether in her or his own right or on behalf of any other person), in the business of the body corporate and thereby is able or will be able to exercise a significant influence over, or with respect to, the management or operation of that business; or

(c)

holds or will hold any relevant position (whether in her or his own right or on behalf of any other person) in the business of the body corporate.

(3)

For the purposes of section 13(5), a body corporate is an associate of a person if it—

(a)

is a business partner of that other person; or

(b)

holds or will hold any relevant financial interest, or is or will be entitled to exercise any relevant power (whether in its own right or on behalf of any other person), in the business of the body corporate and thereby is able or will be able to exercise a significant influence over, or with respect to, the management or operation of that business.

(4)

In this section—

relevant financial interest, in relation to a business, means—

(a)

any share in the capital of the business; or

(b)

any entitlement to receive any income derived from the business; or

(c)

any entitlement to receive any payment as a result of money advanced to the business;

relevant position, in relation to a business, means the position of director, manager, secretary or other executive position, however that position is designated;

relevant power, in relation to a business, means any power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others—

(a)

to participate in any directorial, managerial or executive decision in the business; or

(b)

to elect or appoint any person to any relevant position in the business.

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