How may an interest be “acquired”?
151 How may an interest be “acquired”?
For the purposes of this Chapter, a person acquires an interest in a landholder if the person obtains an interest, or the person’s interest increases, in the landholder regardless of how it is obtained or increased.
Without limiting subsection (1), a person may acquire an interest in a landholder in the following ways—
the purchase, gift or issue of a unit or share,
the cancellation, redemption or surrender of a unit or share,
the abrogation or alteration of a right for a unit or share,
the payment of an amount owing for a unit or share,
if the person holds an interest in the landholder (whether or not as trustee for another person) and the capacity in which the person holds the interest changes (including if there is a change in the beneficial ownership of an interest held by a person as trustee).
Note.
For example, the capacity in which a person holds a unit or share in a landholder changes if the person declares a trust in respect of the unit or share.
To remove any doubt, it is declared that a person may acquire an interest in a landholder without acquiring units or shares in the landholder.
This Act’s bill:Explanatory memorandumSecond reading speech
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