159
In forceWhat are interests and significant interests in a landholder
Chapter 3Landholder duty and corporate trustee duty
Part 1Landholder duty
Division 2Some basic concepts for landholder duty
Subdivision 1Some basic concepts about acquiring interests in landholders
159 What are interests and significant interests in a landholder
(1)
A person has an interest in a landholder if the person has an entitlement as a shareholder or unit holder to a distribution of the landholder’s property—
(a)
for a corporation—on its winding up; or
(b)
for a listed unit trust—on its termination.
(2)
A person has a significant interest in a landholder if the person has an interest in the landholder of—
(a)
for a private landholder—50% or more; or
(b)
for a public landholder—90% or more.
This Act’s bill:Explanatory memorandum
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