36Conditions applying to permits issued to bodies corporate

36 Conditions applying to permits issued to bodies corporate

(1) A permit issued to a body corporate is subject to the conditions set out in this section. (2) The body corporate must notify the Minister in writing within 15 business days if a person (either alone or together with one or more other persons) acquires a controlling interest in the body corporate. (3) A person acquires a controlling interest in the body corporate if the person (either alone or together with one or more other persons): (a) is in a position to cast, or control the casting of, 15% or more of the maximum number of votes that might be cast at a general meeting of the body corporate; or (b) has the power to appoint or remove all, or a majority, of the directors of the body corporate; or (c) has the authority to introduce and implement the financial and operating policies of the body corporate; or (d) holds 15% or more of the issued share capital of the body corporate; or (e) is in a position to cast, or control the casting of, a majority of the number of votes that might be cast at a meeting of the board of directors of the body corporate. (4) The body corporate must notify the Minister in writing within 15 business days if a new director is appointed to the board of directors of the body corporate.