5Relevant interests in securities

5 Relevant interests in securities

(1) Subject to this section, a person has a relevant interest in securities if:

(a) in the case of securities that carry a right to vote at a meeting of a body corporate or unincorporate, that person has power:

(i) to exercise, or to control the exercise of, that right to vote; or

(ii) to dispose of, or to exercise control over the disposal of, those securities; and

(b) in the case of securities to which paragraph (a) does not apply—that person has power to dispose of, or to exercise control over the disposal of, those securities.

(2) It is immaterial for the purposes of this section whether the power of a person:

(a) to exercise, or to control the exercise of, a right to vote carried by securities; or

(b) to dispose of, or to exercise control over the disposal of, securities;

is express or implied or formal or informal, is exercisable alone or jointly with another person or other persons, cannot be related to a particular security, or is, or is capable of being made, subject to restraint or restriction, and any such power exercisable jointly with another person or other persons shall, for those purposes, be deemed to be exercisable by either or any of those persons. (3) A reference in this section to power or control includes a reference to power or control that is direct or indirect or is, or is capable of being, exercised as a result of, or by means of, or in breach of, or by revocation of, trusts, agreements, arrangements, understandings and practices or any of them, whether or not they are enforceable, and a reference in this section to a controlling interest includes a reference to such an interest as gives control. (4) Without limiting the generality of subsections (1), (2) and (3), where a body corporate has, or is by virtue of this section to be deemed to have, power:

(a) to exercise, or to control the exercise of, a right to vote carried by securities; or

(b) to dispose of, or to exercise control over the disposal of, securities;

and:

(c) the body corporate is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of a person in relation to the exercise of the power; or

(d) a person has a controlling interest in the body corporate;

that person shall, for the purposes of this section, be deemed to have the same power in relation to those securities as the body corporate has or is to be deemed to have. (5) Where a body corporate has, or is by virtue of this section (other than this subsection) to be deemed to have, power:

(a) to exercise, or to control the exercise of, the right to vote carried by securities; or