Land Tax Act 2000
32Controlling interest
Start here
Get a plain-English read of 32
Turn the raw legal text into a practical explanation grounded in Land Tax Act 2000.
32 Controlling interest
(1) A person or several persons together have a controlling interest in a company if –
(a) the person or persons acting together may control the composition of the board of directors of the company; or
(b) the person or the persons acting together may cast or control the casting of more than half of the maximum number of votes that might be cast at a general meeting of the company; or
(c) the person or the persons acting together hold more than one-half of the issued share capital of the company.
(2) The composition of a company's board of directors is taken to be controlled by a person if that person, by the exercise of a power with or without the consent or concurrence of any other person, may appoint or remove all or a majority of the directors.