Western Australian Current Acts Western Australian Current Acts (1) In this Chapter,
unless the contrary intention appears —
entity means —
(a) a
corporation; or
(b) a
unit trust scheme;
exemption means an exemption granted under
section 263(1);
family has the meaning given in section 258;
notifiable event has the meaning given by
section 264(2) and (3);
parent entity has the meaning given in subsection
(2);
public float means —
(a) the
securities of an entity being offered for sale or issue to the public for the
purpose of listing the entity on a prescribed financial market; or
(b) the
securities of an entity being listed on a prescribed financial market within
12 months after being offered to the public as referred to in paragraph (a);
relevant consolidation transaction has the meaning
given in section 259;
relevant reconstruction transaction has the
meaning given in section 260;
relevant transaction means —
(a) a
relevant consolidation transaction; or
(b) a
relevant reconstruction transaction;
security —
(a) in
relation to an entity that is a corporation —
(i)
means an issued share of the corporation; and
(ii)
if the corporation is a hybrid company — includes
an interest that the Commissioner considers is analogous to an issued share of
the corporation;
or
(b) in
relation to an entity that is a unit trust scheme — means a unit issued
under the scheme;
subsidiary has the meaning given in subsection
(2);
transaction group for a relevant consolidation
transaction means the head entity and the affected entity;
transaction group for a relevant reconstruction
transaction means —
(a)
those members of the family that are parties to the transaction; and
(b) any
other member of the family whose holdings of securities and control of votes
mean, under subsection (2) —
(i)
that the relationship between the parties to the
transaction is that of a parent entity and a subsidiary; or
(ii)
if the parties are not so related, that the parties are
subsidiaries of the same parent entity.
(2) If a corporation,
or the trustee of a unit trust scheme as trustee, ( A ) directly or indirectly
—
(a)
holds at least 90% of the securities of another entity ( B ); and
(b)
controls (either by being able to cast or to control the casting of) at least
90% of the maximum number of votes that may be cast at a general meeting of B,
then, for the purposes
of this Chapter, A is the parent entity of B and B is a subsidiary of A.
(3) A reference in
section 260 or 264A to residential property includes a reference to a chattel
in Western Australia to which section 205E(2) applies.
[Section 257 amended: No. 12 of 2019 s. 118.]