Towing Services Act 2024

In this section —

any share in the capital of the towing business; or

any entitlement to receive any income derived from the towing business, or to receive any other financial benefit or financial advantage from the towing business, whether the entitlement arises at law or in equity or otherwise; or

any entitlement to receive any rent, profit or other income in connection with the use or occupation of premises on or from which the towing business is or is to be conducted (for example, an entitlement of the owner of the premises from which the towing business is conducted to receive rent as lessor of the premises);

the position of director, manager or corporate secretary; or

any other position, however designated, if it is an executive position;

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

to elect or appoint any person to a relevant position.

A person is a close associate of an applicant for a towing business authorisation, or an authorised towing service provider, if the person —

holds or will hold any relevant financial interest, or is or will be entitled to exercise any relevant power (whether in the person’s own right or on behalf of any other person), in relation to the towing business, and by virtue of that interest or power is or will be able (in the opinion of the CEO) to exercise a significant influence over or in relation to the management or operation of the towing business; or

holds or will hold any relevant position, whether in the person’s own right or on behalf of any other person, in the towing business; or

is or will be engaged as a contractor under a contract for services or employed in the towing business.

A financial institution is not a close associate of an applicant for a towing business authorisation, or an authorised towing service provider, by reason only of having a relevant financial interest in relation to the towing business.

This section applies to relevant financial interests and relevant powers even if those interests and powers are not payable, exercisable or otherwise enforceable as a matter of law or equity but are payable, exercisable or otherwise enforceable as a matter of fact.