(1) If a person who acquires or holds an interest in a landholder acquires or
holds that interest as bare trustee for another person, the other person is a
"beneficial owner" of that interest in the landholder.
(2) If a person who is
a beneficial owner of an interest in a landholder (whether as a result of
subsection (1) or as a result of one or more applications of this subsection)
holds that interest as bare trustee for another person, that other person is
also a
"beneficial owner" of that interest in the landholder.
(3) For the purposes
of this Part, the
"ultimate beneficial owner" of an interest in a landholder is any
beneficial owner of the interest in the landholder who does not hold that
interest as bare trustee for another person.
