Acts Online

"qualifying stake"

means, in respect of a financial institution that—

(a)	is a company, that a person, directly or indirectly, alone or together with a related or inter-related person—

(i)	holds at least 15% of the issued shares of the financial institution;

(ii)	has the ability to exercise or control the exercise of at least 15% of the voting rights attached to securities of the financial institution;

(iii)

has the ability to dispose of or control the disposal of at least 15% of the financial institution’s securities; or

(iv)	holds rights in relation to the financial institution that, if exercised, would result in the person, directly or indirectly, alone or together with a related or inter-related person—

(aa)	holding at least 15% of the securities of the financial institution;

(bb)	having the ability to exercise or control at least 15% of the voting rights attached to shares or other securities of the financial institution; or

(cc)	having the ability to dispose of or direct the disposal of at least 15% of the financial institution’s securities;

(b)	is a close corporation, that a person, directly or indirectly, alone or together with a related or inter-related person, holds at least 15% of the members’ interests or controls, or has the right to control, at least 15% of members’ votes in the close corporation;

(c)	is a trust, that a person has, directly or indirectly, alone or together with a related or inter-related person—

(i)	the ability to exercise or control the exercise of at least 15% of the votes of the trustees;

(ii)	the power to appoint at least 15% of the trustees; or

(iii)

the power to appoint or change any beneficiaries of the trust;