Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) A reference in this instrument to a person who holds a beneficial interest in the capital, or income, of an investment fund includes a reference to a person who holds:
(a) an interest of that kind jointly with another person; and
(b) an interest of that kind that is prospective because the person:
(i) has entered into a contract to purchase a beneficial interest; or
(ii) has a right, otherwise than by reason of holding a present interest of any kind, to have a beneficial interest transferred to the person or to the person's order (whether exercisable presently or in the future, and whether or not subject to a condition); or
(iii) has a right to acquire a beneficial interest under an option (whether exercisable presently or in the future, and whether or not subject to a condition).
(2) Subsection (1) applies regardless of:
(a) the remoteness of the interest; or
(b) the way in which the interest arose; or
(c) the fact that the exercise of a right conferred by the interest is, or is capable of being made, subject to a restraint or restriction.
(3) For the purposes of subsection (1), an interest is not a beneficial interest if:
(a) the interest is held solely as security under a moneylending agreement that has not ceased to have effect; and
(b) the ordinary business of the interest-holder includes the lending of money.