For the purposes of the definition of “subsidiary entity”, a person controls a second person if
(a) the person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle the person to elect a majority of the directors of the second person, unless the person beneficially owns or exercises control or direction over voting securities only to secure an obligation,
(b) the second person is a partnership, the person beneficially owns or exercises control or direction over more than 50 per cent of the interests in the partnership, or
(c) the second person is a limited partnership, the person is the general partner of the limited partnership or the control person of the general partner.