s. 48 48 What is a in a corporation? controlling interest For the purposes of this Division, a person has, or persons have together, a in a controlling interest corporation if— (a) that person, or those persons acting together, can control the composition of the board of the corporation; or (b) that person is, or those persons acting together are, in a position to cast or control the casting of more than 50% of the maximum number of votes that might be cast at a general meeting of the corporation; or (c) that person holds, or those persons acting together hold, more than 50% of the issued share capital of the corporation. 49 Further provisions for determining whether corporations are related corporations (1) For the purposes of this Division— (a) corporations may be related corporations whether or not they own land in ; (b) a reference to the issued share capital of a corporation does not include a reference to any part of it that carries no right to participate beyond a specified amount in a distribution of either profits or capital; (c) subject to paragraphs (d) and (e), any shares held or power exercisable by a person or corporation as a trustee or nominee for another person or corporation are taken to be also held or exercisable by the other person or corporation;
48 What is a controlling interest in a corporation? s. 48 For the purposes of this Division, a person has, or persons have together, a controlling interest in a corporation if— (a) that person, or those persons acting together, can control the composition of the board of the corporation; or (b) that person is, or those persons acting together are, in a position to cast or control the casting of more than 50% of the maximum number of votes that might be cast at a general meeting of the corporation; or (c) that person holds, or those persons acting together hold, more than 50% of the issued share capital of the corporation. 49 Further provisions for determining whether corporations are related corporations (1) For the purposes of this Division— (a) corporations may be related corporations whether or not they own land in ; (b) a reference to the issued share capital of a corporation does not include a reference to any part of it that carries no right to participate beyond a specified amount in a distribution of either profits or capital; (c) subject to paragraphs (d) and (e), any shares held or power exercisable by a person or corporation as a trustee or nominee for another person or corporation are taken to be also held or exercisable by the other person or corporation;
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