Commonwealth Consolidated Acts Commonwealth Consolidated ActsExactly the same shares or interests must continue to be held
(1) For the purpose of determining whether a company has satisfied a condition or whether a time is a changeover time or an alteration time in respect of a company:
(a) a condition that has to be satisfied is not satisfied; or
(b) a time that, apart from this subsection, would not be a changeover time or alteration time is taken to be a changeover time or alteration time, as the case may be;
unless, at all relevant times:
(c) the only * shares in the company that are taken into account are exactly the same shares and are held by the same persons; and
(d) the only interests in any other entity (including shares in another company) that are taken into account are exactly the same interests and are beneficially owned by the same persons.
What happens in case of share splitting
(2) If:
(a) a particular * share (an old share ) in a company of which a person is the beneficial owner at the start of a * test period is divided into 2 or more new shares; and
(b) the person becomes the beneficial owner of each of the new shares immediately after the division takes place and remains the beneficial owner until the end of that period;
the new shares are taken to be exactly the same shares as the old share.
What happens in case of splitting of units in a unit trust
(3) If:
(a) a particular unit (the old unit ) in a unit trust of which a person is the holder at the start of a * test period is divided into 2 or more new units; and
(b) the person becomes the holder of each of the new units immediately after the division takes place and remains the holder until the end of that period;
the new units are taken to be exactly the same units as the old unit.
What happens in case of consolidation of shares
(4) If:
(a) a particular * share (an old share ) in a company of which a person is the beneficial owner at the start of a * test period, and other shares (each of which also called an old share ) in the company of which the person is the beneficial owner at the start of that period, are consolidated into a new share; and
(b) the person becomes the beneficial owner of the new share immediately after the consolidation takes place;
the new share is taken to be exactly the same share as the old shares.
What happens in case of consolidation of units in a unit trust
(5) If:
(a) a particular unit (an old unit ) in a unit trust of which a person is the holder at the start of a * test period and other units (each of which also called an old unit ) in the trust of which the person is the holder at the start of that period are consolidated into a new unit; and
(b) the person becomes the holder of the new unit immediately after the consolidation takes place;
the new unit is taken to be exactly the same unit as the old units.
(6) A test period is:
(a) for the purpose of determining whether a condition in section 165 - 12 has been satisfied--the * ownership test period; or
(b) for the purpose of determining whether a test time is a changeover time for the purposes of section 165 - 115C--the period between the reference time referred to in subsection 165 - 115A(2A) and the test time; or
(c) for the purpose of determining whether a test time is an alteration time for the purposes of section 165 - 115L--the period between the reference time referred to in subsection 165 - 115L(2) and the test time.
Satisfaction by primary test by public company
(7) A * public company is taken to satisfy the primary test if it is reasonable to assume that the test is satisfied.