(1) Applying the primary test: if there are persons who, at a particular time, beneficially own (between them) * shares that carry (between them) the right to exercise more than 50% of the voting power in the company, those persons have more than 50% of the voting power in the company at that time.
(2) Applying the alternative test: if it is the case, or it is
reasonable to assume, that there are persons (none of them companies or *
trustees) who (between them) at a particular time control, or are able to
control (whether directly, or indirectly through one or more interposed
entities) the voting power in the company, those persons have more than 50% of
the voting power in the company at that time.