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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 local governments.
2.Primary election: An election held by a political organisation in order to select representatives for its list of candidates for election to Althingi or to the local government.
3.Candidates: A participant in an individual-candidate election for a local government or a participant in the primary election of a political organisation.
4.Contribution: 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, privileges or concessions, including discounts from the market price of advertising, debt remissions, unusual loan terms, etc. 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 parties: 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 concerned legal entities. The same applies to individuals or legal entities, who own a majority of the shares, initial capital or voting rights of a legal entity and each has at least 10% of the share capital, initial capital or voting rights of the legal entity, combined with the legal entity a majority of the shares, capital or voting rights of another 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.Auditors: A chartered accountant according to the provisions of the Act on Auditors.
7.Parliamentary party: An organisation of the Members of Parliament that meets the conditions of the Parliament Act for consideration as a parliamentary party.