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In the context of this Act, the words and terms below shall have the following meanings:
1. Political organisation: A party or organisation that presents candidates for election to the Althingi or municipal governments.
2. Primary election: An election held by a political organisation in order to select representatives for its list of candidates for the Althingi or a municipal government.
3. Candidates: Participants in personal elections, in presidential elections, elections to the Althingi and elections to municipal governments together with participants in primary elections within political organisations.
4. Donation: A contribution towards the activities of a political organisation or candidate or election campaign, whether as a direct financial contribution or other advantage that can be measured in terms of money, irrespective of the contribution's source or nature. A contribution in this respect includes any discount from market prices, favour or concession, including discounts from the market price of advertising, debt remissions, unusual loan terms, as well as goods and services sold by political organisations at premium prices. If a discount has been given from the market price, the difference between the market price and actual price shall be specified as a donation on the invoice. Other contributions, such as the loan of employees, facilities or equipment without charge, shall be assessed at the going rate or market price at that time and specified on the invoice with that price.
5. Related entities: Legal entities where the same party or parties own a majority of the shares, initial capital or voting rights in both or all of these legal entities, provided that the shareholding of each such party comprise at least 10% of the shares, initial capital or votes in the legal entities concerned. The same applies if individuals or legal entities, owning the greater part of shares, initial capital or voting rights in a legal entity and each owning at least 10% of the shares, initial capital or voting rights in the legal entity, also own along with the relevant legal entity the greater part of shares, initial capital or voting rights in another legal entity. Pursuant to this item, the ownership and voting rights of spouses and blood relatives are also considered to fall under an individual's ownership and voting rights in a legal entity.
6. Auditor: A chartered accountant according to the provisions of the Act on Auditors.
7. Parliamentary party: An organisation of members of the Althingi that meets the conditions of the Parliament Act for consideration as a parliamentary party.