Question

Define "promoter".

Answer 1

According to Section 69, a promoter means a person:

(a) Who has been named as such in a prospectus or is identified by the company in the annual return referred to in section 92; or

(b) Who has control over the affairs of the company, directly or indirectly whether as a shareholder, director or otherwise; or

(c) In accordance with whose advice, directions or instructions, the Board of Directors of the company is accustomed to act. However, it is provided that nothing in this subclause shall apply to a person who is acting merely in a professional capacity.