New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 150

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 has an entitlement (otherwise than as a creditor or other person to whom the landholder is liable) to a distribution of property from the landholder on a winding up of the landholder or otherwise.

(2) A person who has an interest in a landholder has a "significant interest" in the landholder if the person, in the event of a distribution of all the property of the landholder immediately after the interest was acquired, would be entitled to:

(a) in the case of a private landholder-50% or more of the property distributed, or

(b) in the case of 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.

(4) In this section, "person" includes a landholder.