(1) This section applies for imposing transfer duty on majority trust
acquisitions.
(2) An indirect trust interest in a land holding trust being
acquired by a person is taken to be a trust interest in the trust.
(3) Also,
an indirect trust interest in a land holding trust already held by an acquirer
or related person of the acquirer is taken to be a trust interest in the
trust.
(4) For an indirect trust interest in a land holding trust taken to be
a trust interest under subsection (2) or (3) , the acquirer and any related
persons of the acquirer are taken to be beneficiaries.
(5) An indirect trust
acquisition is taken to be a trust acquisition in the land holding trust in
which the indirect trust interest is acquired.
