STAMP DUTIES ACT 1923 - SECT 93
STAMP DUTIES ACT 1923 - SECT 93
93—Direct interests
(1) A person has a
"direct interest" in a relevant entity if the person holds a share or unit in
the entity.
(2) A direct interest
that a person or group has in a relevant entity is to be expressed as a
proportionate interest.
(3) The "proportionate
interest" is the highest of the following:
(a) a
percentage representing the proportion of votes that the person or members of
the group would be entitled to exercise (or control) at a general meeting of
shareholders or unitholders assuming that all shareholders or unitholders
exercised their voting rights;
(b) a
percentage representing the extent the person or members of the group are
entitled to participate in dividends or distributions of income;
(c) a
percentage representing the extent to which the person or members of the group
would be entitled to participate in the distribution of assets on a winding up
of the relevant entity.
(4) The
proportionate interest of a person or group in a relevant entity is to be
determined as if any power that the person has, or the members of the group or
any of them have, to increase the extent of an interest (by varying the
constituent documents of the relevant entity or in any other way) had been
exercised so as to maximise the relevant interest in the relevant entity.