New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 149

149 What is a “relevant acquisition”?

(1) For the purposes of this Chapter, a person makes a "relevant acquisition" if the person:

(a) acquires an interest in a landholder:

(i) that is of itself a significant interest in the landholder, or

(ii) that, when aggregated with other interests in the landholder held by the person or an associated person, results in an aggregation that amounts to a significant interest in the landholder, or

(iii) that, when aggregated with other interests in the landholder acquired by the person or other persons under transactions that form, evidence, give effect to or arise from what is substantially one arrangement between the acquirers, results in an aggregation that amounts to a significant interest in the landholder, or

(b) having a significant interest, or an interest described in paragraph (a) (ii), in a landholder, acquires a further interest in the landholder.

(2) However, an acquisition of an interest in a private landholder under an arrangement that results in the private landholder ceasing to be a private landholder is not a relevant acquisition because of subsection (1) (a) (iii).

(3) If a person who acquires or holds an interest in a landholder is a trustee for 2 or more trusts, any interests in the landholder acquired or held by the person for different trusts are to be treated as if they were acquired or held independently by separate persons.

(4) If a person who acquires or holds an interest in a landholder is a life company, any interests in the landholder acquired or held by the life company for different statutory funds are to be treated as if they were acquired or held independently by separate persons.

(5) If a life company acquires or holds an interest in a landholder otherwise than for a statutory fund, that interest is to be treated as if it were acquired or held independently of, and by a separate person to, any interest acquired or held by the life company for a statutory fund.

(6) In this section:
"statutory fund" has the meaning given by the Life Insurance Act 1995 of the Commonwealth.