51ABCAcquisition of units in unit trusts and interests in managed investment schemes

51ABC Acquisition of units in unit trusts and interests in managed investment schemes

(1) The acquisitions provisions apply to the acquisition of units in a unit trust:

(a) as if:

(i) the trust were a body corporate; and

(ii) units in the trust were shares in the capital of the body corporate; and

(b) with such other modifications as are determined under paragraph (3)(a) for the purposes of this paragraph in relation to the trust.

Note: For when a reference to a corporation includes a reference to the unit trust, see paragraph 51ABZZK(2)(c) or (3)(c).

(2) The acquisitions provisions apply to the acquisition of an interest in a managed investment scheme:

(a) as if:

(i) the scheme were a body corporate; and

(ii) interests in the scheme were shares in the capital of the body corporate; and

(b) as if the body corporate were a corporation if the following person is a corporation:

(i) if the scheme is a registered scheme (within the meaning of that Act)—the scheme’s responsible entity (within the meaning of that Act);

(ii) if the scheme is not a registered scheme—the holder of the office (by whatever name it is known) in relation to the scheme that corresponds most closely to the office of responsible entity of a registered scheme; and

(c) with such other modifications as are determined under paragraph (3)(b) for the purposes of this paragraph in relation to the scheme.

(3) The Minister may, by legislative instrument, determine:

(a) modifications of the acquisitions provisions for the purposes of paragraph (1)(b) in relation to a unit trust; or

(b) modifications of the acquisitions provisions for the purposes of paragraph (2)(c) in relation to a managed investment scheme.