New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 125

125 Definitions

(1) In this Part--

"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 Act 2001 of the Commonwealth), or

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

"company" means a NSW company that is--

(a) a public company within the meaning of the Corporations Act 2001 of the Commonwealth, and

(b) not listed on the Australian Securities Exchange or a recognised stock exchange.

"dutiable entitlement" means a voting share entitlement in respect of whose acquisition a statement is required, under section 129, to be lodged.

"person" includes persons who are associated persons.

Note--:
"Associated person" is defined in the Dictionary.

"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 Act 2001 of the Commonwealth.

(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 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 Chief Commissioner is satisfied that the associated persons concerned acquired their several shares independently and for no common purpose.