5AMeaning of “close associate”

#### 5A Meaning of “close associate” 5A Meaning of “close associate” > > (1) For the purposes of this Act, a person is a close associate of another if the person— > > > > > (a) holds or will hold any relevant financial interest, or is or will be entitled to exercise any relevant power (whether in his or her own right or on behalf of any other person), in the lottery business of the other person, and by virtue of that interest or power is or will be able (in the opinion of the Minister) to exercise a significant influence over or with respect to the management or operation of that business, or > > > > > (b) holds or will hold any relevant position, whether in his or her own right or on behalf of any other person, in the lottery business of the other person. > > > (2) In this section— > > > > lottery business means the business conducted or to be conducted by a person under the authority of an operator licence. > > > > relevant financial interest, in relation to a business, means— > > > > > (a) any share in the capital of the business, or > > > > > (b) any entitlement to receive any income derived from the business, or to receive any other financial benefit or financial advantage from the carrying on of the business, whether the entitlement arises at law or in equity or otherwise, or > > > > > (c) any entitlement to receive any rent, profit or other income in connection with the use or occupation of premises on which the lottery business of the other person is to be carried on (such as, for example, an entitlement of the owner of premises to receive rent as lessor of the premises). > > > > relevant position means— > > > > > (a) the position of director, manager or secretary, or > > > > > (b) any other position, however designated, if it is an executive position. > > > > relevant power means any power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others— > > > > > (a) to participate in any directorial, managerial or executive decision, or > > > > > (b) to elect or appoint any person to any relevant position. > > > (3) A financial institution is not a close associate for the purposes of this section by reason only of having a relevant financial interest in relation to a business. > > **s 5A:** Ins 2009 No 60, Sch 5.1 \[4\].