Northern Territory Consolidated Acts Northern Territory Consolidated Acts4E. Merger vesting of property
(1) This section prescribes circumstances in which there is a merger vesting of property.
(2) A merger of 2 or more relevant entities (the merging entities ) in circumstances where another relevant entity ( entity A ) results as a consequence of the merger is taken to be a merger vesting of all of the property of the merging entities in entity A.
(3) A merger of 2 or more relevant entities (the merging entities ) with and into each other in circumstances where each of the merging entities continues in existence is taken to be a merger vesting in the merging entities, jointly, of 50% (in value) of all of the property of the merging entities.
(4) The merger of 1 or more relevant entities (the merging entity or entities ) with and into another entity ( entity B ) in any other circumstances is taken to be a merger vesting of all of the property of the merging entity or entities in entity B.
(5) In this section:
relevant entity means a company or unit trust scheme.