23Irrelevant associates—cross‑ownership

23 Irrelevant associates—cross‑ownership

Prescribed interest (1) An interest in a share is an interest of a prescribed kind if, after being counted to determine the direct control interests held by an interest‑holder (the primary interest‑holder) in an airport‑operator company, the interest would, except for the operation of this section, also be counted to determine the size and type of stake held by an irrelevant associate. Prescribed person (2) The primary interest‑holder is a prescribed person. Irrelevant associates (3) For the purposes of subsection (1), a person is an irrelevant associate in relation to an interest in a share (a relevant share) held by the primary interest‑holder that results in the primary interest‑holder having a direct control interest in an airport‑operator company if: (a) the person is not a related entity of the primary interest‑holder; and (b) the person does not hold any direct control interest in the airport‑operator company arising from any relevant shares; and (c) the person is not an associate of the primary interest‑holder because of paragraph 5(1)(i) or (j), or subclause 5(2), of the Schedule to the Act; and (d) neither the primary interest‑holder nor the person is an airport entity. Airport entities (4) For the purposes of paragraph (3)(d), an airport entity is a person who: (a) owns, leases, controls or operates an airport; or (b) is a related entity of a person mentioned in paragraph (a). Related entities (5) For the purposes of subsections (3) and (4), an entity (the first entity) is a related entity of another entity (the second entity) if: (a) the first entity controls the second entity; or (b) the second entity controls the first entity; or (c) both the first entity and the second entity are controlled by the same person. (6) For the purposes of subsection (5), a person controls an entity if: (a) in the case of an entity that is a company, the person: (i) controls the entity within the meaning of section 50AA of the Corporations Act 2001; or (ii) has a relevant direct control interest in the company; or (b) in any other case—the person controls the entity, within the meaning of section 50AA of the Corporations Act 2001. Relevant direct control interest (7) For the purposes of this section, a relevant direct control interest is: (a) in determining whether the primary interest‑holder and the person are related entities for the purposes of paragraph (3)(a)—at least 15%; or (b) in determining whether a person is a related entity of a person mentioned in paragraph (4)(a)—at least 50%.