Western Australian Current Acts

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DUTIES ACT 2008 - SECT 44

44 .         Terms used

        (1)         In this Division —

        call option means the right referred to in subsection (2)(a);

        option property means —

            (a)         the dutiable property to which the call option applies; or

            (b)         if the put option applies only to a part of the dutiable property to which the call option applies, that part of the dutiable property;

        put option means the right referred to in subsection (2)(b).

        (2)         Subject to subsection (3), a put option and a call option constitute a simultaneous put and call option if, at the same time —

            (a)         a person ( A ) has a right to require another person ( B ) to sell dutiable property to A, or to a person that has an agreement, arrangement or understanding with A relating to the dutiable property; and

            (b)         B has a right to require A, or a person referred to in paragraph (a), to purchase —

                  (i)         the dutiable property; or

                  (ii)         a part of the dutiable property; or

                  (iii)         property that includes the dutiable property,

                from B.

        (3)         For the purposes of subsection (2), it is irrelevant when the call option or the put option is exercisable.



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