Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Actsin division 3.2.1, insert
77A Meaning of associated person
(1) For this Act, an "associated person" means a person who is associated with another person in accordance with any of the following:
(a) people are associated people if they are related people;
(b) individuals are associated people if they are partners in a partnership to which the Partnership Act 1963
applies;
(c) private companies are associated people if—
(i) any majority shareholder, or a related person of the shareholder, is a majority shareholder of each company; or
(ii) there are minority shareholders common to each company who, if their interests in each company were aggregated, would be a majority shareholder of each company;
(d) trustees of trusts are associated people if any person is a beneficiary common to the trusts (not including a public unit trust scheme);
(e) a private company and a trustee of a trust are associated people if a related body corporate of the company is a beneficiary of the trust (not including a public unit trust scheme).
(2) Also, a person ( person A ) is an associated person of another person ( person B ) if, under subsection (1)—
(a) person A is an associated person of another person ( person C ); and
(b) person B is also an associated person of person C.
Example
LMN Pty Ltd is the majority shareholder of XYZ Pty Ltd. John is a director of XYZ Pty Ltd. John is a related person, and hence an associated person, of XYZ Pty Ltd under s (1) (a). Under s (2), John is also an associated person of LMN Pty Ltd.
(3) In this section:
"minority shareholder", in relation to a private company, means a shareholder of the company that is not a majority shareholder.
"related body corporate"—see the Corporations Act
"related person" means a person who is related to another person in accordance with any of the following:
(a) individuals are related people if—
(i) they are partners, or they have been partners and the partnership has ended (whether in Australia or elsewhere); or
(ii) the relationship between them is that of parent and child, brothers, sisters, or brother and sister;
(b) private companies are related people if they are related bodies corporate;
(c) an individual and a private company are related people if the individual is a majority shareholder or director of the company or of another private company that is a related body corporate of the company;
(d) an individual and a trustee of a trust are related people if the individual is a beneficiary of the trust (other than a public unit trust scheme);
(e) a private company and a trustee of a trust are related people if the company, or a majority shareholder or director of the company, is a beneficiary of the trust (other than a public unit trust scheme).