601VCC

Anti‑avoidance

In force

(1)

If:

(a)

one or more persons enter into, begin to carry out or carry out a scheme; and

(b)

it would be concluded that the person, or any of the persons, who entered into, began to carry out or carried out the scheme or any part of the scheme did so for the sole or dominant purpose of avoiding the application of any provision of Division 1 in relation to any person or persons (whether or not mentioned in paragraph (a)); and

(c)

as a result of the scheme or a part of the scheme, a person (the controller) increases the controller’s voting power in a licensed trustee company;

the Minister may give the controller a written direction to cease having that voting power within a specified time.

(2)

A person who is subject to a direction under subsection (1) must comply with the direction.

Note:

Failure to comply with this subsection is an offence (see subsection 1311(1)).

(3)

A direction under subsection (1) is not a legislative instrument.

(4)

In this section:

increase voting power includes increasing it from a starting point of nil.

This Act’s bill:Explanatory memorandum Second reading speech

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