Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You can choose to obtain a roll - over if you are a * member of a company or a unit trust (the original entity ), and under a * scheme for reorganising its affairs:
(a) a company (the interposed company ) * acquires one or more, but not all, of the * shares or units in the original entity; and
(b) these are the first shares or units that the interposed company acquires in the original entity; and
(c) you and at least one other entity (the exchanging members ) own all the remaining shares or units in the original entity; and
(d) those remaining shares or units are redeemed or cancelled; and
(e) each exchanging member receives shares (and nothing else) in the interposed company in return for their shares or units in the original entity being redeemed or cancelled;
and the requirements in Subdivision 615 - B are satisfied.
Note: For paragraph (e), see section 124 - 20 if an exchanging member uses a share sale facility.
(2) You are taken to have chosen to obtain the roll - over if:
(a) immediately before the completion time (see section 615 - 15), the original entity is the * head company of a * consolidated group; and
(b) immediately after the completion time, the interposed company is the head company of the group.
Note: The consolidated group continues in existence because of section 703 - 70.
(3) The original entity, or its trustee if it is a unit trust, can issue other * shares or units to the interposed company as part of the * scheme.
Note: Some of the interposed company's shares or units in the original entity may be taken to be acquired before 20 September 1985: see section 615 - 65.
Table of sections
615 - 15 Interposed company must own all the original interests
615 - 20 Requirements relating to your interests in the original entity
615 - 25 Requirements relating to the interposed company
615 - 30 Interposed company must make a particular choice
615 - 35 ADI restructures--disregard certain preference shares