Certain interests and stakes to be disregarded
9 Certain interests and stakes to be disregarded
For the purposes of the ownership provisions, the following interests and stakes must be disregarded:
an interest in a share held by a person whose ordinary business includes the lending of money if the person holds the interest as a loan security;
an interest in a share held by a person, being an interest held by the person because the person holds a prescribed office;
an interest of a prescribed kind in a share, being an interest held by such persons as are prescribed;
an interest in a share held by the Commonwealth;
a direct control interest, or stake, of a prescribed kind in a company, being an interest or stake held by a prescribed person.
For prescription by class, see subsection 13(3) of the Legislation Act 2003.
For the purposes of the ownership provisions, if:
a person holds an interest in a share as a loan security; and
the ordinary business of the person includes the lending of money; and
the loan security is enforced; and
as a result of the enforcement of the loan security, the person becomes the holder of the share; and
the person holds the share for a continuous period (the holding period) beginning at the time when the security was enforced;
the person’s interest in the share must be disregarded at all times during so much of the holding period as occurs during whichever of the following periods is applicable:
the period of 90 days beginning when the security was enforced;
if the Minister, by written notice given to the person, allows a longer period—the end of that longer period.
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