Australian Capital Territory Numbered Acts

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DUTIES ACT 1999 (NO. 7 OF 1999) - SECT 96

Interpretation

(1)     In this Part, unless the contrary intention appears—

“capital reduction” means—

        (a)     the redemption, surrender or cancellation of a share (including cancellation as part of a buy-back of shares in accordance with Division 2 of Part 2J.1 of the Corporations Law ); or

        (b)     a reduction in the paid up value of a share;

“company” means a Territory company that is a public company within the meaning of the Corporations Law ;
“dutiable entitlement” means a voting share entitlement in respect of whose acquisition a statement is required to be lodged under section 100 ;
“person” includes persons who are associated persons;
“rights alteration”, in relation to voting shares, means a variation, abrogation or alteration of rights relating to the shares;
“voting shares” has the same meaning as in section 9 of the Corporations Law .

(2)     For the purposes of this Part, if voting shares acquired by associated persons severally do not, but taken in the aggregate would, confer an entitlement to which this Part applies, the voting shares acquired by the associated persons are taken to be aggregated and are taken to confer the entitlement on the associated person who last acquired any of those voting shares.

(3)     If, by virtue of subsection (2), an entitlement to voting shares is taken to exist as the aggregate of voting shares of associated persons, the associated persons are jointly and severally liable for payment of the duty chargeable on the statement required to be lodged under this Part.

(4)     Voting shares are not to be aggregated in accordance with subsection (2) if the Commissioner is satisfied that the associated persons concerned acquired their several shares independently and for no common purpose.


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