Control

(1) For the purposes of this Act– (a) a person controls 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 are sufficient, if exercised, to elect a majority of the directors of the body corporate; 26 (ii) such person can appoint or remove a majority of the board of directors of the body corporate; or (iii) such person is able to exert a significant influence over the body corporate; (b) a person controls an unincorporated entity, other than a limited partnership, if– (i) more than twenty per cent of the however designated, into which the entity is divided are controlled or beneficially owned by that person and the person is able to direct the business and affairs of the entity; or (ii) such person is able to exert a significant influence over the unincorporated entity; (c) the general partner of a limited partnership controls the limited partnership; (2) A person who controls an entity is deemed to control any entity that is controlled by the entity. (3) A person is deemed to control, within the meaning of paragraph (1)(a) or (b), an entity if the aggregate of– (a) any shares or ownership interests of the entity that are beneficially owned by that person, and 27 (b) any shares or ownership interests of the entity that are beneficially owned by any entity controlled by that 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 control the entity. The terms “controlling interest” and “controlling shareholder” shall be construed accordingly.