84How person acquires an interest in a landholder—pt 3.2

84 How person acquires an interest in a landholder—pt 3.2 (1) For this part, a person acquires an interest in a landholder if the person obtains an interest, or the person’s interest increases, in the landholder regardless of how it is obtained or increased. (2) Without limiting subsection (1), a person may acquire an interest in a landholder— (a) by any of the following: (i) purchase, gift, allotment, issue or transfer of a share or unit in the landholder; (ii) variation, abrogation or alteration of a right attaching to any such share or unit; (iii) cancellation, redemption or surrender of any such share or unit; (iv) variation, abrogation or alteration of a right of a holder of any such share or unit; (v) payment of an amount owing for any such share or unit; or (b) by any combination of the means mentioned in paragraph (a); or (c) if the person holds an interest in the landholder (whether or not as trustee) and the capacity in which the person holds the interest changes (including if there is a change in the beneficial ownership of an interest held by a person as trustee). Example—par (c) a person who holds a unit in the landholder declares a trust in relation to the unit

(3) If an acquisition arises from an agreement to purchase, allot or issue a unit or share, the acquisition is made— (a) if, at any time after the agreement is entered into, the company or unit trust scheme whose share or unit is being purchased, allotted or issued ceases to be a landholder—on the day the agreement is entered into; or (b) in any other case—on the earliest of the following: (i) the day the necessary transfer or title documents are delivered to the person acquiring the unit or share; (ii) the day the consideration for the purchase, allotment or issue is paid in full; (iii) the day a benefit is received under the agreement; (iv) the last day of— (A) the 12-month period beginning on the day the agreement is first executed; or (B) if the commissioner approves a longer period—the longer period; (v) the day, in the commissioner’s opinion, the agreement is completed. (4) For subsection (3), it does not matter whether or not the acquisition or interest acquired is registered. (5) To remove any doubt, a person may acquire an interest in a landholder without acquiring shares or units in the landholder.