New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 157AC

157AC Wholesale unit trust schemes

(1) A unit trust scheme is a
"wholesale unit trust scheme" if--

(a) the scheme was not established for a particular investor, and

(b) not less than 80% of the units in the scheme are held by qualified investors, and

(c) no qualified investor, either alone or together with associated persons, holds 50% or more of the units in the scheme, and

(d) the scheme satisfies additional requirements that are specified by the Chief Commissioner under this section.

(2) The Chief Commissioner may specify additional requirements by order published in the Gazette.

(3) The Interpretation Act 1987 , sections 40 and 41 apply to the order as if it were a statutory rule.