sec.120Exemption—trust acquisition or surrender for membership of particular unincorporated association

### sec.120 Exemption—trust acquisition or surrender for membership of particular unincorporated association Transfer duty is not imposed on a dutiable transaction that is a trust acquisition or trust surrender of a trust interest of a member of an unincorporated association to which this section applies if— the transaction is solely the result of a person becoming a member of the association for the sole purpose of enjoying the benefits of membership and no consideration is paid or payable by the person other than membership fees; or the transaction is solely the result of a person ceasing to be a member of the association and no consideration is received by the person other than a refund of membership fees. This section applies to an unincorporated association that— has at least 7 members; and is not formed or carried on for providing financial gain for its members; and does not have as its main purpose the holding of property— in which its members have a disposable interest; or that the members have a right to divide between all or some of them; or for use by some or all of its members or among persons claiming through, or nominated by, some or all of its members; or for distribution, or for distribution of the income from it, among some or all of its members or among persons claiming through, or nominated by, some or all of its members; and does not have an object of raising a fund by subscription of its members to make loans to them. For subsection (2) (b) , an association is not formed or carried on for providing financial gain for its members merely because 1 or more of the circumstances mentioned in the Associations Incorporation Act 1981 , section 4 , apply to it. (sec.120-ssec.1) Transfer duty is not imposed on a dutiable transaction that is a trust acquisition or trust surrender of a trust interest of a member of an unincorporated association to which this section applies if— the transaction is solely the result of a person becoming a member of the association for the sole purpose of enjoying the benefits of membership and no consideration is paid or payable by the person other than membership fees; or the transaction is solely the result of a person ceasing to be a member of the association and no consideration is received by the person other than a refund of membership fees. (sec.120-ssec.2) This section applies to an unincorporated association that— has at least 7 members; and is not formed or carried on for providing financial gain for its members; and does not have as its main purpose the holding of property— in which its members have a disposable interest; or that the members have a right to divide between all or some of them; or for use by some or all of its members or among persons claiming through, or nominated by, some or all of its members; or for distribution, or for distribution of the income from it, among some or all of its members or among persons claiming through, or nominated by, some or all of its members; and does not have an object of raising a fund by subscription of its members to make loans to them. (sec.120-ssec.3) For subsection (2) (b) , an association is not formed or carried on for providing financial gain for its members merely because 1 or more of the circumstances mentioned in the Associations Incorporation Act 1981 , section 4 , apply to it. - (a) the transaction is solely the result of a person becoming a member of the association for the sole purpose of enjoying the benefits of membership and no consideration is paid or payable by the person other than membership fees; or - (b) the transaction is solely the result of a person ceasing to be a member of the association and no consideration is received by the person other than a refund of membership fees. - (a) has at least 7 members; and - (b) is not formed or carried on for providing financial gain for its members; and - (c) does not have as its main purpose the holding of property— (i) in which its members have a disposable interest; or (ii) that the members have a right to divide between all or some of them; or (iii) for use by some or all of its members or among persons claiming through, or nominated by, some or all of its members; or (iv) for distribution, or for distribution of the income from it, among some or all of its members or among persons claiming through, or nominated by, some or all of its members; and - (i) in which its members have a disposable interest; or - (ii) that the members have a right to divide between all or some of them; or - (iii) for use by some or all of its members or among persons claiming through, or nominated by, some or all of its members; or - (iv) for distribution, or for distribution of the income from it, among some or all of its members or among persons claiming through, or nominated by, some or all of its members; and - (d) does not have an object of raising a fund by subscription of its members to make loans to them. - (i) in which its members have a disposable interest; or - (ii) that the members have a right to divide between all or some of them; or - (iii) for use by some or all of its members or among persons claiming through, or nominated by, some or all of its members; or - (iv) for distribution, or for distribution of the income from it, among some or all of its members or among persons claiming through, or nominated by, some or all of its members; and