sec.161AEntitlement on distribution of listed unit trust’s property

### sec.161A Entitlement on distribution of listed unit trust’s property Subject to section 161B , the entitlement of a person on a distribution of a listed unit trust’s property is the greater of the entitlement of the person as a unit holder, based on a distribution carried out— under the instrument creating the trust; or after the person or the person’s representative has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following— effect or compel a change of the instrument creating the trust; vary the rights conferred by the units in the trust; pay up any uncalled amount owing to the trust for the units; satisfy conditions under the instrument creating the trust relating to the units; effect or compel the substitution or replacement of units in the trust with other units in the trust; effect or compel the fulfilment of a condition; effect or compel the outcome of a contingency; effect or compel the exercise or non-exercise of a power or discretion. The entitlement of a person under subsection (1) must be worked out without regard to the liabilities of the trust. In this section— representative , of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person. s 161A ins 2011 No. 20 s 72 (sec.161A-ssec.1) Subject to section 161B , the entitlement of a person on a distribution of a listed unit trust’s property is the greater of the entitlement of the person as a unit holder, based on a distribution carried out— under the instrument creating the trust; or after the person or the person’s representative has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following— effect or compel a change of the instrument creating the trust; vary the rights conferred by the units in the trust; pay up any uncalled amount owing to the trust for the units; satisfy conditions under the instrument creating the trust relating to the units; effect or compel the substitution or replacement of units in the trust with other units in the trust; effect or compel the fulfilment of a condition; effect or compel the outcome of a contingency; effect or compel the exercise or non-exercise of a power or discretion. (sec.161A-ssec.2) The entitlement of a person under subsection (1) must be worked out without regard to the liabilities of the trust. (sec.161A-ssec.3) In this section— representative , of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person. - (a) under the instrument creating the trust; or - (b) after the person or the person’s representative has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following— (i) effect or compel a change of the instrument creating the trust; (ii) vary the rights conferred by the units in the trust; (iii) pay up any uncalled amount owing to the trust for the units; (iv) satisfy conditions under the instrument creating the trust relating to the units; (v) effect or compel the substitution or replacement of units in the trust with other units in the trust; (vi) effect or compel the fulfilment of a condition; (vii) effect or compel the outcome of a contingency; (viii) effect or compel the exercise or non-exercise of a power or discretion. - (i) effect or compel a change of the instrument creating the trust; - (ii) vary the rights conferred by the units in the trust; - (iii) pay up any uncalled amount owing to the trust for the units; - (iv) satisfy conditions under the instrument creating the trust relating to the units; - (v) effect or compel the substitution or replacement of units in the trust with other units in the trust; - (vi) effect or compel the fulfilment of a condition; - (vii) effect or compel the outcome of a contingency; - (viii) effect or compel the exercise or non-exercise of a power or discretion. - (i) effect or compel a change of the instrument creating the trust; - (ii) vary the rights conferred by the units in the trust; - (iii) pay up any uncalled amount owing to the trust for the units; - (iv) satisfy conditions under the instrument creating the trust relating to the units; - (v) effect or compel the substitution or replacement of units in the trust with other units in the trust; - (vi) effect or compel the fulfilment of a condition; - (vii) effect or compel the outcome of a contingency; - (viii) effect or compel the exercise or non-exercise of a power or discretion.