Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 4

                   For the purposes of this Act, the question whether a body corporate is a subsidiary of another body corporate is to be determined in the same way as that question would be determined for the purposes of the Corporations Act 2001 if, in section 46 of that Act:

                     (a)  the reference to a body corporate that is in a position to cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of another body corporate were a reference to a body corporate that is in a position to cast, or control the casting of, more than one-quarter of that number of votes; and

                     (b)  the reference to a body corporate holding more than one-half of the issued share capital of another body corporate were a reference to a body corporate holding more than one-quarter of the issued share capital of another body corporate.