Western Australian Numbered Acts Western Australian Numbered Acts (1) In this Chapter,
unless the contrary intention appears —
“entity” means —
(a) a
corporation; or
(b) a
unit trust scheme;
“exemption” means an exemption granted
under section 263(1);
“family” has the meaning given in
section 258;
“parent entity” has the meaning given
in subsection (2);
"relevant consolidation transaction" has the
meaning given in section 259;
“relevant reconstruction transaction”
has the meaning given in section 260;
“relevant transaction”
means —
(a) a
relevant consolidation transaction; or
(b) a
relevant reconstruction transaction;
“security” , of an entity,
means —
(a) if
the entity is a corporation, an issued share of the corporation; or
(b) if
the entity is a unit trust scheme, a unit issued under the scheme;
“subsidiary” has the meaning given in
subsection (2);
“transaction group” for a
relevant consolidation transaction means the head entity and the affected
entity;
“transaction group” for a relevant
reconstruction transaction means —
(a)
those members of the family that are parties to the transaction; and
(b) any
other member of the family whose holdings of securities and control of votes
mean, under subsection (2) —
(i)
that the relationship between the parties to the
transaction is that of a parent entity and a subsidiary; or
(ii)
if the parties are not so related, that the parties are
subsidiaries of the same parent entity.
(2) If a corporation,
or the trustee of a unit trust scheme as trustee, ("A") directly or
indirectly —
(a)
holds at least 90% of the securities of another entity ("B"); and
(b)
controls (either by being able to cast or to control the casting of) at least
90% of the maximum number of votes that may be cast at a general meeting of B,
then, for the purposes
of this Chapter, A is the parent entity of B and B is a subsidiary of A.