3AWhat is a *controlling interest* for the purposes of the definition of *foreign corporation*?

3A What is a *controlling interest* for the purposes of the definition of *foreign corporation*? S. 3A(1) amended by No. 22/2018 s. 3(2). (1) For the purposes of the definition of ***foreign corporation*** in section 3(1), a person has a ***controlling interest*** in a corporation if the person— (a) is in a position to control more than 50% of the voting power in the corporation; or (b) is in a position to control more than 50% of the potential voting power in the corporation; or (c) has an interest in more than 50% of the issued shares in the corporation; or (d) is a person in respect of whom the Commissioner has made a determination under section 3C. S. 3A(2) substituted by No. 22/2018 s. 3(3). (2) Subsection (1) applies whether or not the person has the controlling interest— (a) alone; or (b) together with— (i) an associated person; or (ii) a foreign natural person, foreign corporation or trustee of a foreign trust. S. 3A(3) amended by No. 22/2018 s. 3(4). (3) For the purposes of this section, a reference to control of the voting power in a corporation is a reference to control that is direct or indirect, including control that is exercisable as a result or by means of arrangements or practices, whether or not having legal or equitable force, and whether or not based on legal or equitable rights. S. 3A(4) amended by No. 40/2016 s. 10(1). (4) For the purposes of this section, to determine how much potential voting power a person is in a position to control at a particular time, section 22(3) of the Foreign Acquisitions and Takeovers Act 1975 of the Commonwealth is to be applied. S. 3B (Heading) amended by No. 22/2018 s. 4(1). S. 3B inserted by No. 26/2015 s. 15.