Western Australian Current Acts

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DUTIES ACT 2008 - SECT 45

45 .         Call option of simultaneous put and call option to be taken to be agreement for transfer of option property

        (1)         When a simultaneous put and call option comes into existence, the call option is taken to be an agreement for the transfer of the option property to A and is liable to duty accordingly, unless —

            (a)         the call option and the put option are only for the purpose of obtaining finance or making other financial arrangements; or

            (b)         the call option and the put option form part of a scheme of call options and put options given by the proprietors of a business that —

                  (i)         are only for the purpose of facilitating the continuation of the business by one or some of the proprietors (the continuing proprietor or proprietors ); and

                  (ii)         are not exercisable except on the occurrence of an event specified in them that would cause the continuing proprietor or proprietors to seek to acquire the interest of another of the proprietors.

        (2)         In subsection (1)(b) —

        proprietor means —

            (a)         in the case of a partnership — a partner; or

            (b)         in the case of a company — a shareholder; or

            (c)         in the case of a unit trust scheme — a unit holder; or

            (d)         in any other case — a person the Commissioner determines to be a proprietor of the business.

        (3)         For the purposes of subsection (1), it is irrelevant whether or not the call option is assigned as referred to in section 49.



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