DUTIES ACT 2001 - SECT 194A Exemption—marketable securities

DUTIES ACT 2001 - SECT 194A

194A Exemption—marketable securities

Landholder duty is not imposed on a relevant acquisition that is a transfer, or agreement for the transfer, of a marketable security to or from a corporation if—

(a) the corporation is—

(i) a financial institution; or

(ii) a trustee company under the Trustee Companies Act 1968 ; or

(iii) a related body corporate of the corporation; or

(iv) a corporation of a class prescribed under a regulation; and

(b) the corporation’s principal business is to hold property as trustee or nominee for another person; and

(c) whichever of the following is relevant applies—

(i) for a transfer to the corporation—

(A) the property is to be held on trust solely for the transferor; and

(B) the transfer is not part of an arrangement under which the security will be held on trust for another person;

(ii) for a transfer from the corporation—the transfer is a retransfer to the owner in the same capacity as the security was previously held by the owner.