6Meaning of associate

6 Meaning of associate (1) For this Act, a person is taken to be an associate of another person in the following circumstances: (a) if the other person is a body corporate: (i) the person holds or will hold a financial interest in the business of the other person that allows the person to exercise a significant influence over the business of the other person; or (ii) the person is or will be entitled to exercise a power (whether in right of the person or on behalf of any other person) in the management or operation of the business

Racing and Wagering Act 2024 8 of the other person that allows the person to exercise a significant influence over the business of the other person; (b) if the other person is an individual – the person is a relative of the other person; (c) in any case – the person holds or will hold a significant position in the business of the other person. (2) For this section, the Commission may determine whether an influence or a position is significant in the circumstances. financial interest, in relation to a business, means: (a) any share in the capital of the business; or (b) any entitlement to receive income derived from the business; or (c) any entitlement to receive any money or valuable thing as a result of money advanced to the business. power, in relation to a business, means any power, whether exercisable by voting or otherwise and whether exercisable alone or in association with others to: (a) participate in any directorial, managerial, or executive decision of the business; or (b) elect or appoint any person to a significant position in the relative, in relation to an individual, means: (a) the spouse or de facto partner of the person; or (b) a parent, child, or sibling of the person; or (c) a parent, child, or sibling of the spouse or de facto partner of the person. significant position, in relation to a business, means: (a) a director or executive officer of a business; or (b) a managerial position or managerial function in the business, if that position or function has a significant influence over the business; or

Racing and Wagering Act 2024 9 (c) any position or function determined by the Commission to be of significant influence over the business.