89SRegistration of wholesale unit trust schemes

89S Registration of wholesale unit trust schemes (1) On application by the trustee of a unit trust scheme, the Commissioner may register the unit trust scheme as a wholesale unit trust scheme if the Commissioner is satisfied that the scheme meets the criteria for registration as a wholesale unit trust scheme. (2) The criteria for registration as a wholesale unit trust scheme are— (a) the scheme was not established for a particular investor; and (b) either— (i) the trustee of the scheme, as trustee, holds directly or indirectly an interest in not less than 3 parcels of land (whether in or outside Victoria), and at least 2 of those interests each have an unencumbered value of $10 000 000 or more; or (ii) at least 6 of the unit holders in the scheme who are not associated persons each have a subscription under the scheme of not less than $3 000 000; and (c) not less than 70% of the units in the scheme are held by qualified investors; and (d) no qualified investor, either alone or together with associated persons, holds 50% or more of the units in the scheme; and (e) registration is not being sought for the purpose of, or as part of a scheme or arrangement with a collateral purpose of, avoiding or reducing duty otherwise chargeable under this Part. (3) For the purposes of subsection (2)(b)(i), the Commissioner may treat 2 or more parcels of land as a single parcel of land if he or she is satisfied that it is appropriate to do so, having regard to— (a) the ownership of the parcels of land; and (b) the proximity of the parcels of land; and (c) the use of the parcels of land; and (d) any other matter the Commissioner considers to be relevant. S. 89T inserted by No. 38/2012 s. 5.