Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 161A

161A Entitlement on distribution of listed unit trust’s property

(1) Subject to section 161B , the entitlement of a person on a distribution of a listed unit trust’s property is the greater of the entitlement of the person as a unit holder, based on a distribution carried out—

(a) under the instrument creating the trust; or

(b) after the person or the person’s representative has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following—

(i) effect or compel a change of the instrument creating the trust;

(ii) vary the rights conferred by the units in the trust;

(iii) pay up any uncalled amount owing to the trust for the units;

(iv) satisfy conditions under the instrument creating the trust relating to the units;

(v) effect or compel the substitution or replacement of units in the trust with other units in the trust;

(vi) effect or compel the fulfilment of a condition;

(vii) effect or compel the outcome of a contingency;

(viii) effect or compel the exercise or non-exercise of a power or discretion.

(2) The entitlement of a person under subsection (1) must be worked out without regard to the liabilities of the trust.

(3) In this section—

"representative" , of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person.