s 29Z What it means to hold equity interest
29Z.—(1) A person holds an equity interest under this Division if the person —(a) has or is deemed to have an equity interest in accordance with subsections (2) to (8); or (b) has any legal or equitable interest in the equity interest. (2) Subject to subsection (3), a person has an equity interest if the person has authority (whether formal or informal, or express or implied) to dispose of, or to exercise control over the disposal of, that equity interest. (3) It is immaterial that the authority of a person to dispose of, or to exercise control over the disposal of, the equity interest mentioned in subsection (2) is, or is capable of being made, subject to restraint or restriction. (4) It is immaterial, for the purposes of determining whether a person has an equity interest, that the interest cannot be related to a particular share, an interest, a right or a unit that gives its holder voting power. (5) A person is deemed to have an equity interest if —(a) any property held in trust consists of or includes the equity interest; and (b) the person knows, or has reasonable grounds for believing, that the person has an interest under that trust. (6) A person is also deemed to have an equity interest if —(a) the person has entered into a contract to purchase the equity interest; (b) the person has a right (otherwise than because of having an interest under a trust) to have the equity interest transferred to the person or to the person’s order (whether the right is exercisable presently or in the future and whether or not on the fulfilment of a condition); (c) the person has a right to acquire the equity interest, or an interest in the equity interest, under an option (whether the right is exercisable presently or in the future and whether or not on the fulfilment of a condition); or (d) the person is entitled (otherwise than because of having been appointed as a proxy or representative to vote at a meeting of members of the corporation or of a class of its members) to exercise or control the exercise of a right attached to the equity interest, not being an equity interest in which that person has a legal or equitable interest. (7) A person is not to be deemed as not having an equity interest by reason only that the person has the equity interest jointly with another person. (8) An equity interest is not to be disregarded only because of —(a) its remoteness; (b) the manner in which it arose; or (c) the fact that the exercise of a right conferred by the equity interest is, or is capable of being made, subject to restraint or restriction.[Act 28 of 2022 wef 01/04/2023]