Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 10

             (1)  Subject to this section, a person holds an interest in an asset if the person has any legal or equitable interest in the asset.

             (2)  Without limiting the generality of subsection (1), a person is taken to hold an interest in an asset if:

                     (a)  the person has entered into a contract to purchase the asset; or

                     (b)  the person has a right (otherwise than because of having an interest under a trust) to have the asset transferred to the person or to the person's order (whether the right is exercisable presently or in the future and whether or not on the fulfilment of a condition); or

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

                     (d)  the person is otherwise entitled to acquire the asset or an interest in the asset.

             (3)  A person is taken to hold an interest in an asset even if the person holds the interest in the asset jointly with another person.

             (4)  For the purposes of this Act, an interest in an asset must be disregarded if it is held by a person whose ordinary business includes the lending of money and the person holds the interest solely by way of security for the purposes of a moneylending agreement.

             (5)  An interest in an asset is not to be disregarded only because of:

                     (a)  its remoteness; or

                     (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.