Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An equity or loan interest in an entity is a * primary interest, or a * secondary interest, in the entity.
(2) A primary interest in an entity is a * primary equity interest, or a * primary loan interest, in the entity.
(3) The meaning of primary equity interest in an entity is set out in the table.
Item | In the case of this kind of entity: | Primary equity interest means: |
1 | a company | a * share in the company; or an interest as joint owner (including as tenant in common) of a * share in the company |
2 | a trust | any of these: (a) an interest in the trust income or trust capital; or (b) any other interest in the trust; or (c) an interest as joint owner (including as tenant in common) of an interest covered by paragraph (a) or (b) |
(4) A primary loan interest in an entity is:
(a) a loan to the entity; or
(b) an interest as joint owner (including as tenant in common) of a loan to the entity.
(5) A secondary interest in an entity is a * secondary equity interest, or a * secondary loan interest, in the entity.
(6) A secondary equity interest in an entity is a right or option:
(a) to * acquire an existing * primary equity interest in the entity; or
(b) to have the entity issue a new primary equity interest.
(7) A secondary loan interest in an entity is a right or option:
(a) to * acquire an existing * primary loan interest in the entity; or
(b) to have the entity issue a new primary loan interest.