Victorian Current Acts Victorian Current Acts(1) A person acquires an interest in a landholder if the person obtains an interest beneficially, including if the person's interest increases, in the landholder, regardless of how it is obtained or increased.
(2) Without limiting subsection (1), a person may acquire an interest in a landholder in the following ways—
(a) the purchase, gift, allotment or issue of a unit or share;
(b) the cancellation, redemption or surrender of a unit or share;
(c) the abrogation or alteration of a right pertaining to a unit or share;
(d) the payment of an amount owing for a unit or share.
(3) Without limiting subsection (1), a person is taken to obtain an interest beneficially if the person obtains the interest as trustee of a trust.
(4) A trustee who holds or acquires an interest in a landholder is to be treated as a separate person in respect of each trust of which the trustee is a trustee and the personal capacity of the trustee, if any.
(5) In addition to subsection (1), a person who holds an interest in a landholder acquires an interest in the landholder if the capacity in which the person holds the interest changes.
(6) An acquisition of an interest referred to in subsection (5) is to be treated as a separate acquisition from existing interests held by the acquirer or any other acquisition of an interest in a landholder unless those acquisitions are made on behalf of the same person or associated persons.
(7) For the avoidance of doubt, an acquisition by way of transfer of units or shares is not necessary to acquire an interest in a landholder.
S. 81 (Heading) amended by No. 17/2019 s. 13(1).
S. 81 substituted by No. 38/2012 s. 5.