Western Australian Current Acts Western Australian Current Acts (1) In this section
—
controlling entity , in relation to a relevant
consolidation transaction, means the head entity;
controlling entity , in relation to a relevant
reconstruction transaction, means the member of the transaction group for the
transaction that is a parent entity of the group immediately before or
immediately after the transaction;
major holder of an entity, means a person that,
directly or indirectly, holds at least 90% of the securities of the entity;
responsible person means —
(a) for
a notifiable event that occurs in relation to a relevant transaction as
described in subsection (2)(a) —
(i)
if the controlling entity is a corporation — each
person who is a director of the entity when the winding up begins; or
(ii)
if the controlling entity is a unit trust scheme —
the trustee of the entity when the winding up begins; or
(iii)
if the controlling entity is a unit trust scheme and the
trustee of the entity, being a corporation, is wound up — each person
who is a director of the trustee when the winding up begins;
or
(b) for
a notifiable event that occurs in relation to a relevant transaction as
described in subsection (2)(b) —
(i)
the controlling entity or, if the controlling entity is
wound up, the major holder (if any) of the controlling entity when the winding
up begins; and
(ii)
the member of the transaction group referred to in
subsection (2)(b);
or
(c) for
a notifiable event that occurs in relation to a relevant transaction as
described in subsection (2)(c) — the entities whose securities cease to
be stapled.
(2) Subject to
subsection (3), a notifiable event occurs in relation to a relevant
transaction if —
(a) the
controlling entity is wound up and does not have a major holder when the
winding up begins; or
(b) the
controlling entity or, if the controlling entity is wound up and has a major
holder when the winding up begins, the major holder, ceases to directly or
indirectly —
(i)
hold more than 50% of the securities of a member of the
transaction group; or
(ii)
control (either by being able to cast or to control the
casting of) more than 50% of the maximum number of votes that may be cast at a
general meeting of a member of the transaction group;
or
(c) in a
case where entities are members of a family because of section 258(2) —
securities of the first entity mentioned in section 258(2) cease to be stapled
to the securities of another of the entities.
(3) A cessation
referred to in subsection (2)(b) is not a notifiable event if it results from
—
(a) the
winding up of a member of the transaction group, other than the controlling
entity; or
(b) a
relevant transaction that is the subject of an application made under
section 262 for an exemption; or
(c) an
acquisition by one member of a family from another member of the family of an
interest in an entity, if landholder duty is not chargeable on the
acquisition; or
(d) a
prescribed event.
(4) If a notifiable
event occurs in relation to an exempt relevant transaction within 3 years
after the date of the transaction, the responsible person for the event must
lodge a notice of the event in the approved form within 2 months after the
date of the event.
Penalty: a fine of $20 000.
(5) It is a defence to
a charge of an offence under subsection (4) to prove that a notice of the
event in the approved form was lodged before the alleged date of the offence.
[Section 264 amended: No. 12 of 2019 s. 124.]