Association
2A.—(1)  In these Regulations, a company (X) is associated with an approved global trading company (Y) if the requirement relating to the control of operations mentioned in paragraph (2), or the beneficial ownership of issued shares mentioned in paragraph (3), is satisfied.
(2)  The requirement relating to the control of operations is any of the following:
(a)X controls or can control the operations of Y;
(b)Y controls or can control the operations of X;
(c)one other person controls or can control, or 2 or more other persons together control or can control, the operations of both X and Y.
(3)  The requirement relating to the beneficial ownership of issued shares is any of the following:
(a)X beneficially owns at least 25% of the total number of the issued shares of Y;
(b)Y beneficially owns at least 25% of the total number of the issued shares of X.
(4)  For the purposes of paragraphs (2) and (3), the control or beneficial ownership may be direct or indirect, or both direct and indirect.
[S 852/2021 wef 08/11/2021]