sec.22Convertible securities

### sec.22 Convertible securities This section applies to convertible securities 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 convertible securities 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 convertible securities of the same class on issue; or more than 20% of the total number of convertible securities 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 convertible securities includes a relevant interest of an associate of the person in convertible securities of the same class, other than the convertible securities in which the person has a relevant interest. If a person has a relevant interest in convertible securities 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.22-ssec.1) This section applies to convertible securities 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.22-ssec.2) The total number of convertible securities 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 convertible securities of the same class on issue; or more than 20% of the total number of convertible securities of the same class on issue. (sec.22-ssec.3) For subsection (2) (a) or (b) , the required approval must be given by the Governor in Council. (sec.22-ssec.4) For this section, a person’s relevant interest in convertible securities includes a relevant interest of an associate of the person in convertible securities of the same class, other than the convertible securities in which the person has a relevant interest. (sec.22-ssec.5) If a person has a relevant interest in convertible securities 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 convertible securities of the same class on issue; or - (b) more than 20% of the total number of convertible securities of the same class on issue.