(1) For the purposes of this Division—
(a) a director or officer of a body corporate that is an insider of a company is an insider of the company;
(b) a director or officer of a body corporate that is a subsidiary is an insider of its holding company.
(2) For the purposes of this Division—
(a) if a body corporate becomes an insider of a company, or enters into a business combination with a company, a director or officer of the body corporate is presumed to have been an insider of the company for the previous 12 months or for such shorter period as he or she was a director or an officer of the body corporate; and
(b) if a company becomes an insider of a body corporate, or enters into a business combination with a body corporate, a director or officer of the body corporate is presumed to have been an insider of the company for the previous 12 months, or for such shorter period as he or she was a director or officer of the body corporate.
(3) In subsection (2), “business combination” means an acquisition of all or substantially all the property of one body corporate by another, or an amalgamation of 2 or more bodies corporate.