72. Information to auditor

Terms defined in s 3

• controller

  controller

  Defined · s 3

  “controller”, in relation to an institution, means a person who— (a) has an interest in more than fifty per cent of the shares of the institution; (b) has the power to appoint or cause to be appointed a majority of the directors of the institution; (c) has the power to make or cause to be made decisions in respect of the business or administration of the institution, and to give effect to such decisions or cause them to be given effect to; or (d) in accordance with whose directions, instructions or wishes the directors, chief executive officer or senior officers of the institution are accustomed or under obligation, whether formal or informal, to act, and the word “control” shall be construed accordingly;

  Open s 3
• director

  director

  Defined · s 3

  “director” includes any person who occupies the position of a director, and includes a person in accordance with whose directions and instructions the directors or officers are accustomed to act and an Development Financial Institutions 19 alternate or substitute director, and without prejudice to the foregoing, in the case of— (a) a co-operative society, means a member of the board, or other governing body, of the co-operative society; (b) a statutory body, means a member of the board, committee, council or other governing body of the statutory body; (c) a partnership, means a partner; (d) a sole proprietorship, means the sole proprietor; and (e) any other body, association or group of persons, whether corporate or unincorporate, means a person having the direction and control of the management of its business or affairs;

  Open s 3
• prescribed institution

  prescribed institution

  Defined · s 3

  “prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);

  Open s 3