Controlling interest

(1) For the purpose of this Act– (a) a person has a controlling interest in a body corporate if– (i) shares of the body corporate to which are attached more than twenty five per cent of the votes that may be cast to elect directors of the body corporate are controlled or beneficially owned by the person and the votes attached to those shares are sufficient, if exercised, to elect a majority of the directors of the body corporate; (ii) the person can appoint or remove a majority of the board of directors of the body corporate; or (iii) the person is able to exert a significant influence over the body corporate; (b) a person has a controlling interest in an unincorporated entity, other than a limited partnership, if– (i) more than twenty five per cent of the ownership however into which the unincorporated entity is divided are controlled or beneficially owned by the person and the person is able to direct the and affairs of the unincorporated entity; or (ii) the person is able to exert a significant influence over the unincorporated entity; and 31 (c) the general partner of a limited partnership has a in the limited partnership. (2) A person who has a controlling interest in an entity is deemed to have a controlling interest in any entity that is controlled by the entity. (3) A person is deemed to have a controlling interest, within the meaning of sub-section (1)(a) or (b), in an entity if the aggregate of– (a) the shares or ownership interests of the entity that are beneficially owned by the person; and (b) the shares or ownership interests of the entity that are beneficially owned by any entity controlled by the person, is such that, if that person and all of the entities referred to in paragraph (b) that beneficially own shares or ownership interests of the entity were one person, that person would have a controlling interest in the entity.