Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 162

162 Acquiring an interest in a landholder

(1) A person acquires an interest in a landholder if the person obtains an interest, or the person’s interest increases, in the landholder regardless of how it is obtained or increased.

(2) Without limiting subsection (1) , a person may acquire an interest in a landholder in the following ways—

(a) the purchase, gift, allotment or issue of a share or unit;

(b) the cancellation, redemption or surrender of a share or unit;

(c) the abrogation or alteration of a right for a share or unit;

(d) the payment of an amount owing for a share or unit;

(e) if the person holds an interest in the landholder, whether or not as trustee—by changing the capacity in which the person holds the interest.

Example of when the capacity in which a person holds an interest changes—

A person holds a share or unit in a corporation or listed unit trust other than as trustee. The person’s capacity changes if the person starts holding the share or unit as trustee.

(3) To remove any doubt, it is declared that an acquisition of shares or units is not necessary to acquire an interest in a landholder.