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DUTIES ACT 1997 - SECT 158
Meaning of "linked entity"
158 Meaning of "linked entity"
(1) A
"linked entity" of a private unit trust scheme or private company (a
"principal entity" ) means an entity (other than a public unit trust scheme or
a listed company) that is part of a chain of entities-- (a) that starts with
the principal entity and is comprised of one or more links, and
(b) in which
one or both of the following apply-- (i) at each link between 2 entities in
the chain--one of the entities would be entitled, in the event of a
distribution of all the property of the other entity (and without regard to
any liabilities of any entity in the chain), to receive not less than 20% of
the value of the property of the other entity,
(ii) in the event of the
distribution of all of the property of entities in the chain (except for the
principal entity)--the principal entity would be entitled (without regard to
any liabilities of any entity in the chain) to receive not less than 20% of
the value of that property.
(2) A
"linked entity" of a public unit trust scheme or listed company (a
"principal entity" ) means an entity that is part of a chain of entities-- (a)
that starts with the principal entity and is comprised of one or more links,
and
(b) in which, at each link between 2 entities in the chain--one of the
entities would be entitled, in the event of a distribution of all the property
of the other entity (and without regard to any liabilities of any entity in
the chain), to receive not less than 20% of the value of the property of the
other entity.
(3) For the purposes of this section-- (a) a trust is to be
regarded as entitled to receive property (whether as a principal entity or as
a linked entity of a principal entity) if a trustee of the trust is entitled
to receive the property in its capacity as a trustee, and
(b) a partnership
or other unincorporated body is to be regarded as entitled to receive
property, as a linked entity of a principal entity, if a member of the
partnership or other unincorporated body is entitled to receive the property
as a member of the partnership or the other unincorporated body.
(4) In this
section and in section 158A--
"entity" means any of the following-- (a) a corporation,
(b) a unit trust
scheme,
(c) a trust,
(d) a partnership or other unincorporated body.
(5) In
this section and in section 158A-- (a) a reference to a
"trust" includes a reference to a unit trust scheme, and
(b) a reference to a
"trustee" of a trust includes a reference to a custodian of the trustee of the
trust in its capacity as custodian or a sub-custodian of the custodian of the
trustee of the trust in its capacity as sub-custodian.
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