For the purposes of this Act, a body corporate is controlled by a person or by two or more bodies corporate if
(a) securities of the body corporate to which are attached more than fifty per cent of the votes that may be cast to elect directors of the body corporate are held, other than by way of security only, by or for the benefit of that person or by or for the benefit of those bodies corporate; and
(b) the votes attached to those securities are sufficient, if exercised, to elect a majority of the directors of the body corporate.