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DUTIES ACT 2000 - SECT 250DG

Special provision in relation to landholder duty if there has been a corporate consolidation involving a private unit trust scheme

    (1)     This section applies in relation to a landholder that is or has been a head company of a corporate group and that was interposed as the head company of the corporate group or substantially the same corporate group

        (a)     by a corporate consolidation that consisted of the interposition of a head company between a private unit trust scheme and the unitholders of the private unit trust scheme; or

        (b)     as a head company that succeeded, directly or indirectly, the head company referred to in paragraph (a), by any further corporate consolidation that occurred after the corporate consolidation referred to in paragraph (a).

    (2)     For the purposes of Part 2 of Chapter 3, in determining whether a person makes a relevant acquisition in the landholder—

        (a)     the landholder must be taken to be a private unit trust scheme, being the same scheme as that existing immediately before the corporate consolidation referred to in subsection (1)(a); and

        (b)     a shareholding in the landholder must be taken to be a unitholding in that private unit trust scheme; and

        (c)     if an interest in the private unit trust scheme held at any time before the corporate consolidation referred to in subsection (1)(a) was or would be counted for the purposes of section 78, that interest is to continue to be counted for the purposes of that section after the corporate consolidation referred to in subsection (1)(a) or any further corporate consolidation referred to in subsection (1)(b) (as the case requires); and

        (d)     if an interest in the private unit trust scheme held at any time before the corporate consolidation referred to in subsection (1)(a) was not or would not be counted for the purposes of section 78, that interest is to continue not to be counted for the purposes of that section after the corporate consolidation referred to in subsection (1)(a) or any further corporate consolidation referred to in subsection (1)(b) (as the case requires); and

        (e)     without limiting paragraph (a), any acquisition of an interest in land by the private unit trust scheme before the corporate consolidation referred to in subsection (1)(a) is taken to have been an interest acquired by the landholder at the time it was acquired by the private unit trust scheme.

    (3)     This section applies for a period of 3 years commencing at the time of the corporate consolidation referred to in subsection (1)(a).

Ch. 11 Pt 2 Div. 1B (Heading and ss 250DH –250DK) inserted by No. 31/2008 s. 12.

Division 1B—Exchange of stapled ownership interests for ownership interests in a
unit trust scheme

S. 250DH inserted by No. 31/2008 s. 12.



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