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INCOME TAX ASSESSMENT ACT 1936 - SECT 121AC Mutual affiliate company

INCOME TAX ASSESSMENT ACT 1936 - SECT 121AC

Mutual affiliate company

  (1)   A mutual affiliate company is a company that satisfies the following conditions:

  (a)   it is limited by guarantee;

  (b)   it is not an insurance company;

  (c)   at least 75% of the policyholders of a mutual insurance company are members of it;

  (d)   it did not divide its profits among its members during the 10 years ending on 9   May 1995;

  (e)   on a winding - up, its profits are not divisible among its members in their capacity as such.

  (2)   If the company is a mutual entity (within the meaning of the Corporations Act 2001 ) then, for the purposes of subsection   (1), disregard the following:

  (a)   any MCIs (within the meaning of that Act) issued by the company;

  (b)   any dividends or profits paid or payable in respect of such MCIs;

  (c)   any members of the company who are members by virtue of holding such MCIs.

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