Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 47

Control of a body corporate's board

 
Without limiting by implication the circumstances in which the
composition of a body corporate's board is to be taken to be controlled by
another body corporate, the composition of the board shall be taken to be so
controlled if the other body, by exercising a power exercisable (whether with
or without the consent or concurrence of any other person) by it, can appoint
or remove all, or the majority, of the directors of the first-mentioned body,
and, for the purposes of this Division, the other body shall be deemed to have
power to make such an appointment if:
 

(a)
a person cannot be appointed as a director of the first-mentioned
body without the exercise by the other body of such a power in the person's
favour; or

(b)
a person's appointment as a director of the first-mentioned body
follows necessarily from the person being a director or other officer of the
other body.