Regulation 4

the trustee‑manager of the business trust or the manager of the REIT (acting in such capacity) —

controls the composition of the board of directors or its equivalent (called in this regulation the board) of the entity; or

controls more than half of the voting power of the entity; or

the entity is a subsidiary entity of another entity which is a subsidiary entity of the business trust or REIT.

a person cannot be appointed as a director or equivalent of the entity’s board without the exercise in his or her favour by the trustee‑manager or manager of that power; or

a person’s appointment as a director or equivalent of the entity’s board follows necessarily from his or her being a director or other officer, or the equivalent of a director or other officer, of the trustee‑manager or manager.

subject to sub‑paragraphs (b) and (c), any power exercisable over the entity by, or by a nominee for, a subsidiary entity of the business trust or REIT (not being a subsidiary entity which is concerned only in a fiduciary capacity) is to be treated as exercisable over the entity by the trustee‑manager of the business trust or the manager of the REIT;

any power exercisable over the entity by any person by reason of the provisions of any debentures of the entity or of a trust deed for securing any issue of such debentures is to be disregarded; and

any power exercisable over the entity by, or by a nominee for, the trustee‑manager or manager, or a subsidiary entity of the business trust or REIT (not being power exercisable over the entity as mentioned in sub‑paragraph (b)) is not to be treated as exercisable by the trustee‑manager or manager if —

the ordinary business of the trustee‑manager, manager or subsidiary entity (as the case may be) includes the lending of money; and

the power is exercisable only as security for the purposes of a transaction entered into in the ordinary course of that business.