Pharmacy Business Ownership Act 2024

This section applies if—

immediately before the commencement—

the owner of an existing pharmacy business owned the business as trustee of a discretionary trust; or

a person held shares in the owner of an existing pharmacy business as trustee of a discretionary trust; and

on the commencement, the owner continues to own and carry on the business under section 215 or 216.

A beneficiary of the trust who is not a practising pharmacist or a close adult relative of a practising pharmacist does not commit an offence against section 16 in relation to holding an interest in the existing pharmacy business because of the trust.

Also, if a beneficiary of the trust is a practising pharmacist or a close adult relative of a practising pharmacist, the beneficiary’s interest in the existing pharmacy business because of the trust is not to be included in the number of interests the beneficiary holds in pharmacy businesses.

Subsections (2) and (3) apply in relation to an existing pharmacy business owned by an eligible person until—

the day that is 2 years after the commencement; or

if any of the following happens before the day mentioned in paragraph (a), when the following happens—

the owner does not apply for a pharmacy business licence for the business within the period stated in section 215(2)(a);

the owner’s application for a pharmacy business licence for the business is refused or withdrawn;

the owner’s pharmacy business licence for the business is cancelled.

Subsections (2) and (3) apply in relation to an existing pharmacy business owned by a deemed eligible person until the owner stops carrying on the business under section 216.