Victorian Current Acts Victorian Current Acts(1) For the purposes of this Part, a person makes a relevant acquisition if—
(a) the person acquires an interest in a landholder—
(i) that is of itself a significant interest in the landholder; or
(ii) that amounts to a significant interest in the landholder when aggregated with other interests in the landholder acquired by all or any of the following—
(A) the person; or
(B) an associated person; or
(C) any other person in an associated transaction; or
S. 78(1)(b) amended by No. 26/2015 s. 5.
(b) after an interest referred to in paragraph (a) was acquired, the person referred to in paragraph (a) or an associated person or any other person whose interest was aggregated with the interest under paragraph (a)(ii), acquires a further interest in the landholder.
Note
Associated person and associated transaction are defined in section 3(1).
(2) For the purposes of subsection (1)(a)(ii) or (b), a person is not an associated person of another person if the Commissioner is satisfied that the interests of the persons—
(a) were acquired, and will be used, independently; and
(b) were not acquired, and will not be used, for a common purpose.
(3) Subsection (2) does not apply if the persons are associated persons because they are related bodies corporate.
S. 78(4) amended by No. 41/2013 s. 21.
(4) For the purposes of this Part, persons in their capacity as qualified investors of a wholesale unit trust scheme are taken not to be associated persons of other qualified investors in relation to the acquisition or holding of interests in the scheme.
(5) An interest in a landholder is not counted for the purposes of this section if—
(a) the interest was acquired before 15 November 1987; or
(b) the interest was acquired at a time when the landholder did not hold land in Victoria.
S. 79 substituted by No. 38/2012 s. 5.