Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 75

75 What is a pooled public investment unit trust

(1) A
"pooled public investment unit trust" is a unit trust, other than a listed unit trust, widely held unit trust, wholesale unit trust or declared public unit trust, that is a registered managed investment scheme, exempt managed investment scheme or pooled superannuation trust for which—

(a) either of the following applies—

(i) units in the trust have been issued to the public;

(ii) at least 75% of the total units in the trust are held by 2 or more large qualified holders; and

(b) at least 50 persons are entitled to units in the trust; and

(c) more than 20 persons are entitled to at least 75% of the total units in the trust.

Note—

See sections 77 (Who is holder of units in pooled public investment unit trust) and 78 (Who is entitled to units in pooled public investment unit trust).

(2) However, for a trust acquisition or trust surrender of a trust interest in a trust, a unit trust is not a pooled public investment unit trust unless—

(a) if subsection (1) (a) (i) applies— subsection (1) (b) and (c) is satisfied before and after the trust acquisition or trust surrender; or

(b) if subsection (1) (a) (ii) applies— subsection (1) (a) (ii) , (b) and (c) is satisfied before and after the trust acquisition or trust surrender.

(3) For subsection (2) , a trust acquisition or trust surrender of a trust interest in a unit trust includes a series of trust acquisitions or trust surrenders under an arrangement.

(4) If subsection (2) applies to a unit trust, the trust is not a pooled public investment unit trust from immediately before the trust acquisition or trust surrender or the first acquisition or surrender under the arrangement.