New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 149

149 What is a "relevant acquisition"?

(1) For the purposes of this Chapter, a person makes a
"relevant acquisition" if the person--

(a) acquires an interest in a landholder that is of itself a significant interest in the landholder, or

(b) acquires an interest in a landholder that (when aggregated with other interests in the landholder held by the person or an associated person) results in an aggregation that amounts to a significant interest in the landholder, or

(c) already having a significant interest, or an interest described in paragraph (b), in a landholder, acquires a further interest in the landholder.

(1A) For the purposes of this Chapter, a person also makes a
"relevant acquisition" if the person acquires an interest in a landholder that (when aggregated with other interests in the landholder acquired by the person or other persons under acquisitions that form, evidence, give effect to or arise from what is substantially one arrangement between the acquirers) results in an aggregation that amounts to a significant interest in the landholder.

(1B) In determining whether acquisitions form, evidence, give effect to or arise from what is substantially one arrangement between the acquirers, the following circumstances are to be taken into account--

(a) whether any of the acquisitions are conditional on entry into, or completion of, any of the other acquisitions,

(b) whether the parties to any of the acquisitions are the same,

(c) whether any party to an acquisition is an associated person of another party to any of the other acquisitions,

(d) the period of time over which the acquisitions take place,

(e) whether, before or after the acquisitions take place, the interests were, are or will be used together or dependently with one another,

(f) any other relevant circumstances.

(2) An acquisition of an interest in a private landholder under an arrangement that results in the private landholder ceasing to be a private landholder is not a relevant acquisition because of subsection (1A).

(3) If a person who acquires or holds an interest in a landholder is a trustee for 2 or more trusts, any interests in the landholder acquired or held by the person for different trusts are to be treated as if they were acquired or held independently by separate persons.

(4) If a person who acquires or holds an interest in a landholder is a life company, any interests in the landholder acquired or held by the life company for different statutory funds are to be treated as if they were acquired or held independently by separate persons.

(5) If a life company acquires or holds an interest in a landholder otherwise than for a statutory fund, that interest is to be treated as if it were acquired or held independently of, and by a separate person to, any interest acquired or held by the life company for a statutory fund.

(6) In this section--

"statutory fund" has the meaning given by the Life Insurance Act 1995 of the Commonwealth.