DUTIES ACT 2001 - SECT 159 What are interests and significant interests in a landholder

DUTIES ACT 2001 - SECT 159

159 What are interests and significant interests in a landholder

(1) A person has an
"interest" in a landholder if the person has an entitlement as a shareholder or unit holder to a distribution of the landholder’s property—

(a) for a corporation—on its winding up; or

(b) for a listed unit trust—on its termination.

(2) A person has a
"significant interest" in a landholder if the person has an interest in the landholder of—

(a) for a private landholder—50% or more; or

(b) for a public landholder—90% or more.