sec.21Non-voting interests

### sec.21 Non-voting interests This section applies to non-voting interests in— the licensee or IR Holdco; or any other relevant entity that is a trustee of the IR Holding Trust or IR Operating Trust; or the IR Holding Trust or IR Operating Trust. The total number of non-voting interests in which a person has a relevant interest must not, without the required approval, be— more than 10% but not more than 20% of the total number of interests of the same class on issue; or more than 20% of the total number of interests of the same class on issue. For subsection (2) (a) or (b) , the required approval must be given by the Governor in Council. For this section, a person’s relevant interest in non-voting interests includes a relevant interest of an associate of the person in non-voting interests of the same class on issue, other than the non-voting interests in which the person has a relevant interest. Person X has a relevant interest in 4% of a class of non-voting interests. If person X’s associate has a relevant interest in a different 3% of the class of non-voting interests, person X’s relevant interest would be 7%. However, if person X’s associate has a relevant interest in the same 4% of the class of non-voting interests as person X, then person X’s relevant interest would be 4%. If a person has a relevant interest in non-voting interests in more than 1 relevant entity mentioned in subsection (1) , the person must comply with subsection (2) in relation to each of the entities. (sec.21-ssec.1) This section applies to non-voting interests in— the licensee or IR Holdco; or any other relevant entity that is a trustee of the IR Holding Trust or IR Operating Trust; or the IR Holding Trust or IR Operating Trust. (sec.21-ssec.2) The total number of non-voting interests in which a person has a relevant interest must not, without the required approval, be— more than 10% but not more than 20% of the total number of interests of the same class on issue; or more than 20% of the total number of interests of the same class on issue. (sec.21-ssec.3) For subsection (2) (a) or (b) , the required approval must be given by the Governor in Council. (sec.21-ssec.4) For this section, a person’s relevant interest in non-voting interests includes a relevant interest of an associate of the person in non-voting interests of the same class on issue, other than the non-voting interests in which the person has a relevant interest. Person X has a relevant interest in 4% of a class of non-voting interests. If person X’s associate has a relevant interest in a different 3% of the class of non-voting interests, person X’s relevant interest would be 7%. However, if person X’s associate has a relevant interest in the same 4% of the class of non-voting interests as person X, then person X’s relevant interest would be 4%. (sec.21-ssec.5) If a person has a relevant interest in non-voting interests in more than 1 relevant entity mentioned in subsection (1) , the person must comply with subsection (2) in relation to each of the entities. - (a) the licensee or IR Holdco; or - (b) any other relevant entity that is a trustee of the IR Holding Trust or IR Operating Trust; or - (c) the IR Holding Trust or IR Operating Trust. - (a) more than 10% but not more than 20% of the total number of interests of the same class on issue; or - (b) more than 20% of the total number of interests of the same class on issue. - Person X has a relevant interest in 4% of a class of non-voting interests. - If person X’s associate has a relevant interest in a different 3% of the class of non-voting interests, person X’s relevant interest would be 7%. - However, if person X’s associate has a relevant interest in the same 4% of the class of non-voting interests as person X, then person X’s relevant interest would be 4%.