8Additional responsibility of Australian controlling corporation

8 Additional responsibility of Australian controlling corporation

(1) If an entity that is subject to the minimum stockholding obligation in relation to an MSO product on an obligation day has an Australian controlling corporation, the Australian controlling corporation must ensure that the entity complies with section 7 in relation to the product on the obligation day.

Civil penalty: The number of penalty units worked out in accordance with subsection 64(2).

(2) An entity has an Australian controlling corporation if: (a) the entity is a subsidiary of a corporation (the Australian controlling corporation of the entity) that is: (i) a constitutional corporation incorporated in Australia; and (ii) not a subsidiary of another body corporate incorporated in Australia; and (b) the entity is not a subsidiary of another body corporate that: (i) meets the requirement in subparagraph 46(a)(i) or (ii) of the Corporations Act 2001 in relation to the entity; and (ii) is not a subsidiary of the Australian controlling corporation.

Note: Subsidiary has the meaning given by section 46 of the Corporations Act 2001 (see section 5 of this Act).