Section 14 - Meaning of “member” and registered political party and interpretation of “accepted”
52.Section 14(a) clarifies the definition of “member” in section 19 of the Interests Act. This is necessary because the phrase “member of a registered political party” is being inserted into the Interests Act by the Act. Section 14(a) also gives the meaning of “registered political party”.
53.Section 14(b) also amends section 19, inserting new subsection (4). It clarifies that the point in time at which a member is considered to have accepted a controlled transaction is when it is entered into. This applies even though in the case of a controlled transaction that is a connected transaction (i.e. one falling within paragraph 6A(6) of the schedule) the member is not a party to the arrangement. Paragraph 24 of these notes sets out further detail about connected transactions.
