77AMeaning of associated person

77A Meaning of associated person (1) For this Act, an associated person means a person who is associated with another person in accordance with any of the following: (a) people are associated people if they are related people; (b) individuals are associated people if they are partners in a partnership to which the Partnership Act 1963 applies; (c) private companies are associated people if— (i) any majority shareholder, or a related person of the shareholder, is a majority shareholder of each company; or (ii) there are minority shareholders common to each company who, if their interests in each company were aggregated, would be a majority shareholder of each company; (d) trustees of trusts are associated people if any person is a beneficiary common to the trusts (not including a public unit trust scheme); (e) a private company and a trustee of a trust are associated people if a related body corporate of the company is a beneficiary of the trust (not including a public unit trust scheme). (2) Also, a person (person A) is an associated person of another person (person B) if, under subsection (1)— (a) person A is an associated person of another person (person C); and

Preliminary Division 3.2.1 (b) person B is also an associated person of person C. LMN Pty Ltd is the majority shareholder of XYZ Pty Ltd. John is a director of XYZ Pty Ltd. John is a related person, and hence an associated person, of XYZ Pty Ltd under s (1) (a). Under s (2), John is also an associated person of LMN Pty Ltd. minority shareholder, in relation to a private company, means a shareholder of the company that is not a majority shareholder. related body corporate—see the Corporations Act, section 9. related person means a person who is related to another person in accordance with any of the following: (a) individuals are related people if— (i) they are partners, or they have been partners and the partnership has ended (whether in Australia or elsewhere); or (ii) the relationship between them is that of parent and child, brothers, sisters, or brother and sister; (b) private companies are related people if they are related bodies corporate; (c) an individual and a private company are related people if the individual is a majority shareholder or director of the company or of another private company that is a related body corporate of the company; (d) an individual and a trustee of a trust are related people if the individual is a beneficiary of the trust (other than a public unit trust scheme); (e) a private company and a trustee of a trust are related people if the company, or a majority shareholder or director of the company, is a beneficiary of the trust (other than a public unit trust scheme).