51ABZZKTreatment of unit trusts

51ABZZK Treatment of unit trusts

(1) The acquisitions provisions apply to a unit trust as if it were a person, but with the changes set out in this section.

Trusts with a single trustee

(2) If the unit trust has a single trustee:

(a) an obligation that would otherwise be imposed on the trust by the acquisitions provisions is imposed on the trustee instead; and

(b) an offence against the acquisitions provisions that would otherwise have been committed by the trust is taken to have been committed by the trustee; and

(c) a reference in the acquisitions provisions to a corporation is taken to include a reference to the trust if the trustee is a corporation.

Trusts with multiple trustees

(3) If the unit trust has 2 or more trustees:

(a) an obligation that would otherwise be imposed on the trust by the acquisitions provisions is imposed on each trustee instead, but may be discharged by any of the trustees; and

(b) an offence against the acquisitions provisions that would otherwise have been committed by the trust is taken to have been committed by each trustee of the trust, at the time the contravention was committed, who:

(i) did the relevant act or made the relevant omission; or

(ii) aided, abetted, counselled or procured the relevant act or omission; or

(iii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the trustee); and

(c) a reference in the acquisitions provisions to a corporation is taken to include a reference to the unit trust if all of the trustees are corporations.

Contraventions of civil penalty provisions

(4) This section applies to a contravention of a civil penalty provision in a corresponding way to the way in which it applies to an offence.