Interest in landholder is percentage of distributable property on winding up of a corporation or termination of a listed unit trust

In force

(1)

A person’s interest in a landholder is the person’s entitlement expressed as a percentage of the value of all of the landholder’s property that would be distributed if, immediately after the person acquires the interest—

(a)

for a corporation—the corporation were to be wound up; or

(b)

for a listed unit trust—the trust were to be terminated.

(2)

If the landholder’s property includes property held for a partnership of which the landholder is a partner, all of the property held for the partnership is taken for subsection (1) to be property that could be distributed, regardless of the landholder’s interest in the partnership.

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160 Interest in landholder is percentage of distributable property on winding up of a corporation or termination of a listed unit trust