DUTIES ACT 1997 - SECT 150
What are "interests" and "significant interests" in landholders?
DUTIES ACT 1997 - SECT 150
What are "interests" and "significant interests" in landholders?
150 What are "interests" and "significant interests" in landholders?
(1) For the purposes of this Chapter, a person has an
"interest" in a landholder if the person, in the event of a distribution of
all the property of the landholder, would be entitled (without regard to any
liabilities of the landholder) to any of the property distributed.
(b)
otherwise for a private landholder--50% or more of the property distributed,
or
(c) for a public landholder--90% or more of the property distributed.
(3)
An interest in a landholder that was acquired at a time when the landholder
did not hold land in New South Wales is not counted during the period of 12
months after the landholder first holds land in New South Wales.