DUTIES ACT 2000 - SECT 79 What are interests and significant interests in landholders?

DUTIES ACT 2000 - SECT 79

    (1)     A person has an interest in a landholder if the person has an entitlement (otherwise than as a creditor or other person to whom the landholder is liable), whether directly or through another person, to a distribution of property from the landholder on a winding up of the landholder.

    (2)     A person who, by virtue of subsection (1), has an interest in a landholder has a significant interest in the landholder if the person, in the event of a distribution of all the property of the landholder immediately after the interest was acquired, would be entitled to—

        (a)     in the case of a landholder that is a private unit trust scheme—20% or more of the property distributed; or

        (b)     in the case of a landholder that is a private company or wholesale unit trust scheme—50% or more of the property distributed; or

        (c)     in the case of a landholder that is a listed company or public unit trust scheme—90% or more of the property distributed.

Note to s. 79(2) inserted by No. 47/2020 s. 12.

Note

For 3 years following a corporate consolidation, in certain circumstances a landholder that is not a private unit trust scheme is taken to be a private unit trust scheme in determining if a person makes a relevant acquisition—see section 250DG.

    (3)     In this section—

"person "includes a landholder;

"winding up" of a landholder that is a unit trust scheme means the vesting of the trust property in the beneficiaries.

Note

Section 89H is relevant to ascertaining a person's entitlements on a distribution of property.

S. 80 substituted by No. 38/2012 s. 5.