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DUTIES ACT 1997 - SECT 151
How may an interest be "acquired"?
151 How may an interest be "acquired"?
(1) For the purposes of this Chapter, a person acquires an interest in a
landholder if the person obtains an interest, or the person's interest
increases, in the landholder regardless of how it is obtained or increased.
(2) Without limiting subsection (1), a person may acquire an interest in a
landholder in the following ways-- (a) the purchase, gift or issue of a unit
or share,
(b) the cancellation, redemption or surrender of a unit or share,
(c) the abrogation or alteration of a right for a unit or share,
(d) the
payment of an amount owing for a unit or share,
(e) if the person holds an
interest in the landholder (whether or not as trustee for another person) and
the capacity in which the person holds the interest changes (including if
there is a change in the beneficial ownership of an interest held by a person
as trustee). Note--: For example, the capacity in which a person holds a unit
or share in a landholder changes if the person declares a trust in respect of
the unit or share.
(3) To remove any doubt, it is declared that a person may
acquire an interest in a landholder without acquiring units or shares in the
landholder.
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