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INCOME TAX ASSESSMENT ACT 1997 - SECT 615.25 Requirements relating to the interposed company

INCOME TAX ASSESSMENT ACT 1997 - SECT 615.25

Requirements relating to the interposed company

  (1)   The * shares issued in the interposed company must not be * redeemable shares.

  (2)   Each exchanging member who is issued * shares in the interposed company must own the shares from the time they are issued until at least the completion time.

  (3)   Immediately after the completion time:

  (a)   the exchanging members must own all the * shares in the interposed company; or

  (b)   entities other than those members must own no more than 5 shares in the interposed company, and the * market value of those shares expressed as a percentage of the market value of all the shares in the interposed company must be such that it is reasonable to treat the exchanging members as owning all the shares.

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