DUTIES ACT 2008 - SECT 49
DUTIES ACT 2008 - SECT 49
49 . Assignment of call option to be taken to be agreement for transfer of option property
(1) If, in respect of
a simultaneous put and call option —
(a) A
has assigned the call option to another person ( C ) so that C has a right to
require B to sell the option property to C, or to a person that has an
agreement, arrangement or understanding with C relating to the property; and
(b) B
has a right to require C, or a person referred to in paragraph (a), to
purchase the option property from B,
the assignment of the
call option is taken to be an agreement for the transfer of the option
property to C and is liable to duty accordingly.
(2) If subsection (1)
applies, section 45 does not apply in relation to the rights of C and B
referred to in subsection (1).