Significant Investments Review Act 2024 · s 16

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—(1) In this Part —“Level A controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the total equity interests in the designated entity; or(b)is in a position to control Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the voting power in the designated entity;“Level B controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the total equity interests in the designated entity; or(b)is in a position to control Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the voting power in the designated entity;“Level C controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the total equity interests in the designated entity; or(b)is in a position to control Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the voting power in, the designated entity;“Level D controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level D% or more of the total equity interests in the designated entity; or(b)is in a position to control Level D% or more of the voting power in the designated entity;“Level Y controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the total equity interests in the designated entity; or(b)is in a position to control Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the voting power in the designated entity;“Level Z controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level Z% or more of the total equity interests in the designated entity; or(b)is in a position to control Level Z% or more of the voting power in the designated entity.(2) For the purposes of subsection (1) and section 18(2) —“Level A%” means —(a)unless paragraph (b) applies, 5%; or(b)such other percentage (less than or equal to Level B%) as may be prescribed from time to time;“Level B%” means —(a)unless paragraph (b) applies, 12%; or(b)such other percentage (less than or equal to Level C%) as may be prescribed from time to time;“Level C%” means —(a)unless paragraph (b) applies, 25%; or(b)such other percentage (less than or equal to Level D%) as may be prescribed from time to time;“Level D%” means —(a)unless paragraph (b) applies, 50%; or(b)such other percentage as may be prescribed from time to time;“Level Y%” means —(a)unless paragraph (b) applies, 50%; or(b)such other percentage (less than or equal to Level Z%) as may be prescribed from time to time;“Level Z%” means —(a)unless paragraph (b) applies, 75%; or(b)such other percentage as may be prescribed from time to time.(3) The Minister may, for the purpose of paragraph (b) of the definitions of “Level A%”, “Level B%”, “Level C%”, “Level D%”, “Level Y%” and “Level Z%” mentioned in subsection (2), prescribe —(a)different percentages in respect of —(i)different designated entities;(ii)different classes of designated entities; or(iii)different designated entities within a class of designated entities; and(b)the same percentage for all or any of the definitions.
In this Part —
“Level A controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the total equity interests in the designated entity; or(b)is in a position to control Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the voting power in the designated entity;
“Level B controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the total equity interests in the designated entity; or(b)is in a position to control Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the voting power in the designated entity;
“Level C controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the total equity interests in the designated entity; or(b)is in a position to control Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the voting power in, the designated entity;
“Level D controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level D% or more of the total equity interests in the designated entity; or(b)is in a position to control Level D% or more of the voting power in the designated entity;
“Level Y controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the total equity interests in the designated entity; or(b)is in a position to control Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the voting power in the designated entity;
“Level Z controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —(a)holds Level Z% or more of the total equity interests in the designated entity; or(b)is in a position to control Level Z% or more of the voting power in the designated entity.
For the purposes of subsection (1) and section 18(2) —
“Level A%” means —(a)unless paragraph (b) applies, 5%; or(b)such other percentage (less than or equal to Level B%) as may be prescribed from time to time;
“Level B%” means —(a)unless paragraph (b) applies, 12%; or(b)such other percentage (less than or equal to Level C%) as may be prescribed from time to time;
“Level C%” means —(a)unless paragraph (b) applies, 25%; or(b)such other percentage (less than or equal to Level D%) as may be prescribed from time to time;
“Level D%” means —(a)unless paragraph (b) applies, 50%; or(b)such other percentage as may be prescribed from time to time;
“Level Y%” means —(a)unless paragraph (b) applies, 50%; or(b)such other percentage (less than or equal to Level Z%) as may be prescribed from time to time;
“Level Z%” means —(a)unless paragraph (b) applies, 75%; or(b)such other percentage as may be prescribed from time to time.
The Minister may, for the purpose of paragraph (b) of the definitions of “Level A%”, “Level B%”, “Level C%”, “Level D%”, “Level Y%” and “Level Z%” mentioned in subsection (2), prescribe —(a)different percentages in respect of —(i)different designated entities;(ii)different classes of designated entities; or(iii)different designated entities within a class of designated entities; and(b)the same percentage for all or any of the definitions.

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s 16Meanings of “Level A controller”, “Level B controller”, “Level C controller”, “Level D controller”, “Level Y controller” and “Level Z controller”

(1)

In this Part —

“Level A controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —

(a)

holds Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the voting power in the designated entity;

“Level B controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —

(a)

holds Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the voting power in the designated entity;

“Level C controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —

(a)

holds Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the voting power in, the designated entity;

“Level D controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —

(a)

holds Level D% or more of the total equity interests in the designated entity; or

(b)

is in a position to control Level D% or more of the voting power in the designated entity;

“Level Y controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —

(a)

holds Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the total equity interests in the designated entity; or

(b)

is in a position to control Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the voting power in the designated entity;

“Level Z controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —

(a)

holds Level Z% or more of the total equity interests in the designated entity; or

(b)

is in a position to control Level Z% or more of the voting power in the designated entity.

(2)

For the purposes of subsection (1) and section 18(2) —

“Level A%” means —

(a)

unless paragraph (b) applies, 5%; or

(b)

such other percentage (less than or equal to Level B%) as may be prescribed from time to time;

“Level B%” means —

(a)

unless paragraph (b) applies, 12%; or

(b)

such other percentage (less than or equal to Level C%) as may be prescribed from time to time;

“Level C%” means —

(a)

unless paragraph (b) applies, 25%; or

(b)

such other percentage (less than or equal to Level D%) as may be prescribed from time to time;

“Level D%” means —

(a)

unless paragraph (b) applies, 50%; or

(b)

such other percentage as may be prescribed from time to time;

“Level Y%” means —

(a)

unless paragraph (b) applies, 50%; or

(b)

such other percentage (less than or equal to Level Z%) as may be prescribed from time to time;

“Level Z%” means —

(a)

unless paragraph (b) applies, 75%; or

(b)

such other percentage as may be prescribed from time to time.

(3)

The Minister may, for the purpose of paragraph (b) of the definitions of “Level A%”, “Level B%”, “Level C%”, “Level D%”, “Level Y%” and “Level Z%” mentioned in subsection (2), prescribe —

(a)

different percentages in respect of —

(i)

different designated entities;

(ii)

different classes of designated entities; or

(iii)

different designated entities within a class of designated entities; and

(b)

the same percentage for all or any of the definitions.