New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 157B

157B Beneficial owner--meaning

(1) If a person who acquires or holds an interest in a landholder acquires or holds that interest as bare trustee for another person, the other person is a
"beneficial owner" of that interest in the landholder.

(2) If a person who is a beneficial owner of an interest in a landholder (whether as a result of subsection (1) or as a result of one or more applications of this subsection) holds that interest as bare trustee for another person, that other person is also a
"beneficial owner" of that interest in the landholder.

(3) For the purposes of this Part, the
"ultimate beneficial owner" of an interest in a landholder is any beneficial owner of the interest in the landholder who does not hold that interest as bare trustee for another person.