Terms used
18 Terms used
For the purposes of this Part, a person is a close associate of a public company with which the Minister has entered into, or is proposing to enter into, a casino complex agreement if the person —
holds any relevant financial interest in, or is entitled to exercise any relevant power with respect to, the public company, whether in the person’s own right or on behalf of any other person, and by virtue of that interest or power is or will be able, in the opinion of the Commission, to exercise a significant influence over or with respect to the organization and conduct of the gaming operations of the licensed casino with which the casino complex agreement is concerned; or
holds any relevant position, whether in the person’s own right or on behalf of any other person, in the public company.
In this section —
relevant financial interest means —
any share in the capital of the public company; or
any entitlement to receive any income derived from the public company;
relevant position means the position of director, manager or other executive position or secretary, however that position is designated;
relevant power means any power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others —
to participate in any directorial, managerial or executive decision; or
to elect or appoint any person to any relevant position.
[Section 18 inserted: No. 24 of 1998 s. 12.]
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.