8Group and members of a group

8 Group and members of a group

(1) A controlling corporation’s group consists of the following entities: (a) the controlling corporation; (b) the controlling corporation’s subsidiaries covered by subsections (3) and (4) (if any); (c) the joint ventures covered by subsection (5) (if any); (d) the partnerships covered by subsection (6) (if any). (2) The members of the group are the entities mentioned in subsection (1). (3) A subsidiary of the controlling corporation is covered by this section unless: (a) the subsidiary is also a subsidiary of another body corporate because the other body corporate meets the requirement in subparagraph 46(a)(i) or (ii) of the Corporations Act 2001 in relation to the subsidiary; and (b) the other body corporate is not a member of the group (including by reason of a previous operation of this subsection). (4) A subsidiary of the controlling corporation is covered by this section unless: (a) the subsidiary’s activities are mainly in the electricity generation, electricity and gas transmission, or electricity and gas distribution sectors; and (b) it is within a class of entities (if any) specified in the regulations. (5) A joint venture is covered by this subsection if a member of the group (other than a joint venture or partnership) is a participant in the joint venture and the participants in the joint venture have either: (a) nominated that member as the responsible entity for the joint venture in accordance with regulations made for the purposes of subsection (7); or (b) not nominated an entity as the responsible entity for the joint venture in accordance with those regulations. (6) A partnership is covered by this subsection if a member of the group (other than a joint venture or partnership) is a partner in the partnership and the partners in the partnership have either: (a) nominated that member as the responsible entity for the partnership in accordance with regulations made for the purposes of subsection (7); or (b) not nominated an entity as the responsible entity for the partnership in accordance with those regulations. (7) The regulations may establish rules under which: (a) participants in a joint venture may make, and revoke, nominations for the purposes of subsection (5); and (b) partners in a partnership may make, and revoke, nominations for the purposes of subsection (6).