New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 8A

8A Vesting of land in New South Wales by statute law

(1) Without limiting section 8 (1) (b) (vii), land in New South Wales is vested under statute law if the law vests the land in an entity that the law states is the successor in law of, continuation of or same entity as, the entity in which the land was previously vested.

(2) However, land in New South Wales is not vested under statute law on the registration of a company under Part 5B.1 of Chapter 5B of the Corporations Act 2001 of the Commonwealth.

(3) The merger of a corporation (
"company A" ) with and into another corporation (
"company B" ) in circumstances where neither subsection (4) nor subsection (5) applies is taken to be a vesting of the land in New South Wales of company A in company B by statute law.

(4) A merger of corporations (the
"merging corporations" ) in circumstances where another corporation (
"company C" ) results as a consequence of the merger is taken to be a vesting of the land in New South Wales of the merging corporations in company C by statute law.

(5) A merger of corporations (the
"merging corporations" ) with and into each other in circumstances where each of the merging corporations continues in existence is taken to be a vesting in the merging corporations, jointly, of 50% (in value) of the land in New South Wales of the merging corporations by statute law.

(6) A division of a corporation (the
"dividing corporation" ) in circumstances where the dividing corporation does not continue in existence and 2 or more other corporations (the
"new corporations" ) result as a consequence of the division is taken to be a vesting in each new corporation by statute law of the land in New South Wales of the dividing corporation that is held by the new corporation as a result of the division.

(7) A division of a corporation (the
"dividing corporation" ) in circumstances where the dividing corporation continues in existence and 1 or more other corporations (the
"new corporations" ) result as a consequence of the division is taken to be a vesting in each new corporation by statute law of the land in New South Wales of the dividing corporation that is held by the new corporation as a result of the division.