Section 125 of The Companies Act No. 17 of 2015: When a director is to be regarded as controlling a body corporate for purposes of this Part
(1) For the purposes of this Part, a director of a company is taken to control a body corporate if, but only if—
(a) the director or any person connected with the director—
(i) has an interest in any part of the equity share capital of that body; or
(ii) is entitled to exercise or control the exercise of any part of the voting power at any general meeting of that body; and
(b) the director, the persons connected with the director and the other directors of that company, together—
(i) are interested in more than fifty percent of that share capital; or
(ii) are entitled to exercise or control the exercise of more than fifty percent of that voting power.
(2) The rules set out in the First Schedule (references to interest in shares or debentures) apply for the purposes of this section.
(3) A reference in this section to voting power the exercise of which is controlled by a director includes voting power whose exercise is controlled by a body corporate controlled by the director.
(4) Shares in a company held as treasury shares, and any voting rights attached to those shares, are to be disregarded for the purposes of this section.
(5) To avoid circularity in the application of section 122—
(a) a body corporate with which a director is connected is not, for the purposes of this section, connected with the director unless it is also connected with the director because of subsection (1)(c) or (d) of that section (connection as trustee or partner);; and
(b) a trustee of a trust the beneficiaries of which include (or may include) a body corporate with which a director is connected is not, for the purposes of this section, connected with a, director only because of that fact.
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