8 Certain matters to be disregarded

In determining whether a company is a subsidiary of another company,—

(a)

shares held or a power exercisable by that other company in a fiduciary capacity are not to be treated as held or exercisable by it:

(b)

subject to paragraphs (c) and (d), shares held or a power exercisable—

(i)

by a person as a nominee for that other company, except where that other company is concerned only in a fiduciary capacity; or

(ii)

by, or by a nominee for, a subsidiary of that other company, not being a subsidiary which is concerned only in a fiduciary capacity,—

are to be treated as held or exercisable by that other company:

(c)

shares held or a power exercisable by a person under the provisions of debentures of the company or of a trust deed for securing an issue of debentures shall be disregarded:

(d)

shares held or a power exercisable by, or by a nominee for, that other company or its subsidiary (not being held or exercisable in the manner described in paragraph (c)) are not to be treated as held or exercisable by that other company if—

(i)

the ordinary business of that other company or its subsidiary, as the case may be, includes the lending of money; and

(ii)

the shares are held or the power is exercisable by way of security only for the purposes of a transaction entered into in the ordinary course of that business.

Compare: Corporations Act 1989 s 48 (Aust)