Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 11

             (1)  Subject to this section, a person holds an interest in a share if he or she has any legal or equitable interest in that share.

             (2)  Without limiting the generality of subsection (1), where a person:

                     (a)  has entered into a contract to purchase a share;

                     (b)  has a right, otherwise than by reason of having an interest under a trust, to have a share transferred to himself or herself or to his or her order, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not;

                     (c)  has the right to acquire a share, or an interest in a share, under an option, whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not; or

                     (d)  is entitled (otherwise than by reason of his or her having been appointed a proxy or representative to vote at a meeting of members of a corporation or of a class of its members) to exercise or control the exercise of a right attached to a share, not being a share of which he or she is the registered holder;

that person shall be deemed to hold an interest in that share.

             (3)  A person shall not be deemed not to hold an interest in a share by reason only that he or she holds the interest in the share jointly with another person.

             (4)  It is immaterial, for the purpose of determining whether a person holds an interest in a share, that the interest cannot be related to a particular share.

             (5)  There shall be disregarded:

                     (a)  an interest in a share of a person whose ordinary business includes the lending of money if he or she holds the interest solely by way of security for the purposes of a moneylending agreement;

                     (b)  an interest of a person in a share, being an interest held by him or her by reason of his or her holding a prescribed office; and

                     (c)  an interest of a prescribed kind in a share, being an interest of such person, or of the persons included in such class of persons, as is prescribed.

             (6)  An interest in a share shall not be disregarded by reason only of:

                     (a)  its remoteness;

                     (b)  the manner in which it arose; or

                     (c)  the fact that the exercise of a right conferred by the interest is or is capable of being made subject to restraint or restriction.

             (7)  In relation to a corporation the whole or a portion of the share capital of which consists of stock, an interest of a person in any such stock shall be deemed to be an interest in an issued share in the corporation having the same nominal amount as the amount of that stock and having attached to it the same rights as are attached to that stock.