45Meaning of associate—exemptions

45 Meaning of associate—exemptions

Consortiums (1) Paragraph 6(1)(b) of the Act does not apply to a person (the first person) to the extent that: (a) the first person holds an interest in a body established for the purposes of a consortium with one or more other persons (the consortium partners); and (b) the first person, and its associates, do not hold a substantial interest or an aggregate substantial interest in the body; and (c) none of the consortium partners that are foreign persons, and their associates, hold a substantial interest or an aggregate substantial interest in the body.

Note: Under paragraph 6(1)(b) of the Act, 2 persons who act in concert are associates. The effect of this subsection is that partners in a consortium are not associates if none of the partners, or their associates, that are foreign persons hold a substantial interest or an aggregate substantial interest in the body established for the purposes of the consortium.

(2) Subsection (1) is to be disregarded in determining whether a person is an associate for the purposes of paragraphs (1)(b) and (c). Foreign government investors (5) Paragraph 6(1)(l) of the Act does not apply to a foreign government investor mentioned in: (a) subparagraph (1)(b)(ii), (c)(ii) or (d)(ii) of the definition of foreign government investor in section 17 of this instrument; or (b) paragraph (1)(e) of that definition to the extent that it relates to any of those subparagraphs.