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DUTIES ACT 1997 - SECT 161
Agreements for sale or issue of shares or units in landholder
161 Agreements for sale or issue of shares or units in landholder
(1) For the purposes of this Chapter, if an agreement is made to purchase or
issue a share or unit in a landholder, then, on and from the
agreement liability date-- (a) the purchaser or person to whom the unit or
share is to be issued is taken to have an entitlement to a distribution of
property of the landholder in the event of a distribution of all the property
of the landholder (as if the purchase or interest acquired by the person were
registered on the agreement liability date), and
(b) in the case of an
agreement to purchase a share or unit, the registered interest of the vendor
in the unit or share is to be disregarded.
Note : Accordingly, the purchaser
or person to whom a share or unit is issued under an agreement for the sale or
issue of a share or unit in a landholder acquires an interest in the
landholder on the agreement liability date.
(2) The
"agreement liability date" is the date on which the following occurs
(whichever occurs first)-- (a) the agreement is completed,
(b) the necessary
transfer or title documents are delivered to the person acquiring the share or
unit,
(c) the consideration for the purchase or issue is paid,
(d) the
period of 12 months beginning on the date of first execution of the agreement,
or such longer period as the Chief Commissioner may approve, expires.
(2AA)
Despite subsection (2), the
"agreement liability date" is the date on which the agreement is made if the
company or unit trust scheme concerned is a landholder on that date and is not
a landholder on the agreement liability date as determined under that
subsection.
(2A) If-- (a) at the time of acquisition of an interest by any
person in a landholder that necessitates the lodgment of an
acquisition statement under this Chapter, the person was the purchaser or
person to whom a unit or share was to be issued under an uncompleted agreement
for the purchase or issue of a share or unit in a landholder, and
(b) the
agreement is subsequently rescinded, annulled or otherwise terminated without
completion,
the Chief Commissioner is to assess or reassess the statement on
the basis that the purchaser or person to whom the unit or share was to be
issued did not have an interest in the landholder as a result of the
agreement.
(3) This section does not apply in respect of shares or units in a
landholder which is a listed company or a listed trust.
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