Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 165.250

Control of companies in liquidation etc.

  (1)   For the purposes of sections   165 - 15, 165 - 40, 165 - 115D, 165 - 115M and 165 - 129, a person is not prevented from controlling, or being or becoming able to control, voting power in a company merely because:

  (a)   the company is or becomes:

  (i)   a Chapter   5 body corporate within the meaning of the Corporations Act 2001 ; or

  (ii)   an entity with a similar status under a * foreign law to a Chapter   5 body corporate; or

  (b)   either:

  (i)   a provisional liquidator is appointed to the company under section   472 of the Corporations Act 2001 ; or

  (ii)   a person with a similar status under a foreign law to a provisional liquidator is appointed to the company.

  (2)   For the purposes of sections   165 - 15, 165 - 40, 165 - 115D, 165 - 115M and 165 - 129, a company (the stakeholding company ) is not prevented from controlling, or being or becoming able to control, voting power in another company merely because:

  (a)   the stakeholding company is or becomes:

  (i)   a Chapter   5 body corporate within the meaning of the Corporations Act 2001 ; or

  (ii)   an entity with a similar status under a * foreign law to a Chapter   5 body corporate; or

  (b)   either:

  (i)   a provisional liquidator is appointed to the stakeholding company under section   472 of the Corporations Act 2001 ; or

  (ii)   a person with a similar status under a foreign law to a provisional liquidator is appointed to the stakeholding company.


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