51ABSAAcquisitions that do not result in control—meaning of control

51ABSA Acquisitions that do not result in control—meaning of control

Control has the same meaning as in a modified version of section 50AA of the Corporations Act 2001

(1) To work out whether a person controls a body corporate for the purposes of subsection 51ABS(1):

(a) start with the meaning of control in section 50AA of the Corporations Act 2001; but

(b) treat that section as if it were modified as set out in this section.

Note: Subsection 51ABS(3) or (5) can also affect whether subsection 51ABS(1) applies in relation to the person.

Modifications of subsection 50AA(3) of that Act

(2) Assume that subsection 50AA(3) of that Act instead provided that the person controls the body corporate if:

(a) the person; and

(b) one or more associates (within the meaning of section 51ABSB of this Act);

jointly have the capacity to determine the outcome of decisions about the body corporate’s financial and operating policies.

Modifications of subsection 50AA(4) of that Act

(3) Disregard subsection 50AA(4) of that Act if the person is a special purpose vehicle.

(4) Disregard paragraph 50AA(4)(b) of that Act to the extent that it applies to a legal obligation the person has as a subsidiary of someone that is a body corporate.