175PPrimary groups arising from tracing of interests in corporations

#### 175P Primary groups arising from tracing of interests in corporations 175P Primary groups arising from tracing of interests in corporations > > (1) An entity and a corporation form part of a primary group if the entity has a controlling interest in the corporation. > > > (2) For the purposes of this section, an entity has a controlling interest in a corporation if the corporation has share capital and— > > > > > (a) the entity has a direct interest in the corporation and the value of that direct interest exceeds 50%, or > > > > > (b) the entity has an indirect interest in the corporation and the value of that indirect interest exceeds 50%, or > > > > > (c) the entity has an aggregate interest in the corporation and the value of the aggregate interest exceeds 50%. > > > (3) Schedule 2 has effect. > > > > Note. > > > > Schedule 2 sets out the manner for determining whether an entity has a direct interest, indirect interest or aggregate interest in a corporation, and the value of such an interest. > > > (4) In this section— > > > > associated person has the meaning given by the [Duties Act 1997](/view/html/inforce/current/act-1997-123). > > > > entity means— > > > > > (a) a person, or > > > > > (b) a group of associated persons. > > **s 175P:** Ins 2007 No 21, Sch 4.5 \[5\].