Section 294: Interpretation of Sub-Part V

294. Interpretation of Sub-Part V In this Sub-part— “associated person”, in relation to a company, means a person who— (a) is a director of the company; (b) directly or indirectly controls the management of the company within the meaning of section 5 of the Companies Act; (c) directly or indirectly owns 20 per cent or more of the issued shares of the company other than shares that carry no right to participate beyond a specified amount in a distribution of either profits or capital; (d) is a substantial creditor of the company; or (e) directly or indirectly controls any such person; “prescribed company” means a company which, by reason of the nature and scale of its activities, or the number of its employees, has a material impact on the national economy and satisfies the criteria in relation to area of activity, financial size or number of employees which are prescribed.