96Transfer by corporation of principal place of residence to principal shareholder or spouse

#### 96 Transfer by corporation of principal place of residence to principal shareholder or spouse 96 Transfer by corporation of principal place of residence to principal shareholder or spouse > > (1) A transfer of land by a corporation is eligible for exemption under this Division if— > > > > > (a) the corporation owned the land on 11 September 1990, and > > > > > (b) the transferee or each of the transferees is a principal shareholder in the corporation or the spouse of such a principal shareholder (whether or not the principal shareholder is one of the transferees), and > > > > > (c) had the transferee or each of the transferees been an owner of the land within the meaning of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026) on 31 December that last preceded the date of the transfer, the land would, by the operation of section 10 (1) (r) of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026), be exempt from land tax in respect of the year in which the transfer took effect. > > > (2) If land is transferred by a corporation to two or more persons jointly, each of those persons is, for the purposes of this section (but without affecting any entitlement to be considered to be a principal shareholder apart from this subsection), to be considered to be a principal shareholder in the corporation if— > > > > > (a) each of the persons has a voting entitlement in the corporation, and > > > > > (b) the aggregate of the voting entitlements in the corporation of each of those persons would be sufficient to qualify any one person as a principal shareholder in the corporation. > > **s 96:** Am 1998 No 44, Sch 1 \[14\]; 1998 No 79, Sch 2.1 \[1\]; 2004 No 33, Sch 3.1 \[2\].