31Definitions

31 Definitions

31 Definitions

(1) In this Division—

officer, in relation to a licensee, has the same meaning as in section 9 of the Corporations Law.

voting share in relation to a licensee, has the same meaning as in section 9 of the Corporations Law.

(2) For the purposes of this Division, a person is an associate of another in relation to a licensee—

(a) if the Minister—

(i) is of the opinion that the person and the other are likely to act in concert with a view to taking control of, or exercising significant influence over, the licensee against the public interest, and

(ii) by notice in writing served on the licensee, declares that the person is an associate of the other in relation to the licensee, or

(b) if the person is an associate of the other within the meaning of Division 2 of Part 1.2 of the Corporations Law, with that Division modified by omitting sections 13, 14, 16(2) and 17 of that Law and by substituting for paragraphs (b) and (c) of section 12(1) of that Law the following—

or

(b) the primary person’s entitlement, as provided by section 609, to shares in a body corporate.

(3) Where notice of a declaration under subsection (2) is served on a licensee, the Minister must, at the same time or as soon as practicable thereafter, cause written notice of the declaration to be served on the persons to whom the declaration relates.

(4) For the purposes of this Division, a person has a relevant interest in a share if, and only if, the person would be taken to have a relevant interest in the share because of Division 5 of Part 1.2 of the Corporations Law if sections 33 and 35(c) of that Law were disregarded.

(5) For the purposes of this Division, the voting shares in a licensee to which a person (being the licensee or any other person) is entitled include voting shares in the licensee to which the person is entitled in accordance with section 609 of the Corporations Law, as if in that section a reference to an associate were a reference to an associate for the purposes of this Division and a reference to a relevant interest were a reference to a relevant interest to which subsection (4) of this section applies.