Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 12B

             (1)  For the purposes of this Act, a reference to a person holding an interest in a trust estate is a reference to a person holding a beneficial interest in the corpus or income of the trust estate.

             (2)  For the purposes of this Act, where a person:

                     (a)  has entered into a contract to purchase a beneficial interest in the corpus or income of a trust estate;

                     (b)  has a right, otherwise than by reason of holding an interest in a trust estate, to have such an interest transferred to the person or to the person's order (whether the right is exercisable presently or in the future) and whether on the fulfilment of a condition or not; or

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

the person shall be taken to hold that interest in the trust estate.

             (3)  For the purposes of this Act, a person holds an interest in a trust estate even if the person holds the interest jointly with another person.

             (4)  For the purposes of this Act, a person shall be taken not to hold an interest in a trust estate if:

                     (a)  the person holds the interest solely by way of security for the purposes of a moneylending agreement; and

                     (b)  the ordinary business of the person includes the lending of money.

             (5)  For the purposes of this Act, a person holds an interest in a trust estate despite:

                     (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.