sec.225Exemption—relevant acquisition in family trust

### sec.225 Exemption—relevant acquisition in family trust Corporate trustee duty is not imposed on a relevant acquisition if— the trust of which the corporate trustee is trustee is established and maintained primarily for the benefit of the members of a particular family or a family company; and the acquirer under the relevant acquisition is a member of the family who, or is a family company that, does not hold the shares acquired as trustee. A trust is established and maintained primarily for the benefit of the members of a particular family or a family company if— the primary beneficiaries of the trust consist only of members of the family or the family company; and the takers in default of an appointment for capital by the trustee of the trust consist only of members of the family or the family company. However, subsection (2) (b) is taken to be satisfied if the last taker in default of an appointment for capital by the trustee of the trust is— a person decided under the Succession Act 1981 ; or a charitable institution. For applying this section, a person (the first person ) is a member of the particular family of another person (the other person ) if— the first person is the spouse of the other person; or the first person, or the first person’s spouse, is any of the following in relation to the other person, or the other person’s spouse— child, stepchild or adopted child; grandchild or great grandchild; brother, sister, aunt, uncle or cousin; parent, step-parent, adoptive parent, grandparent or great grandparent. In this section— family company , for a trust, means a corporation in which all its directors and shareholders are members of the particular family for which the trust is established and maintained. spouse includes former spouse. s 225 amd 2008 No. 75 s 24 ; 2010 No. 15 s 98 sch 3 sub 2011 No. 8 s 40 (sec.225-ssec.1) Corporate trustee duty is not imposed on a relevant acquisition if— the trust of which the corporate trustee is trustee is established and maintained primarily for the benefit of the members of a particular family or a family company; and the acquirer under the relevant acquisition is a member of the family who, or is a family company that, does not hold the shares acquired as trustee. (sec.225-ssec.2) A trust is established and maintained primarily for the benefit of the members of a particular family or a family company if— the primary beneficiaries of the trust consist only of members of the family or the family company; and the takers in default of an appointment for capital by the trustee of the trust consist only of members of the family or the family company. (sec.225-ssec.3) However, subsection (2) (b) is taken to be satisfied if the last taker in default of an appointment for capital by the trustee of the trust is— a person decided under the Succession Act 1981 ; or a charitable institution. (sec.225-ssec.4) For applying this section, a person (the first person ) is a member of the particular family of another person (the other person ) if— the first person is the spouse of the other person; or the first person, or the first person’s spouse, is any of the following in relation to the other person, or the other person’s spouse— child, stepchild or adopted child; grandchild or great grandchild; brother, sister, aunt, uncle or cousin; parent, step-parent, adoptive parent, grandparent or great grandparent. (sec.225-ssec.5) In this section— family company , for a trust, means a corporation in which all its directors and shareholders are members of the particular family for which the trust is established and maintained. spouse includes former spouse. - (a) the trust of which the corporate trustee is trustee is established and maintained primarily for the benefit of the members of a particular family or a family company; and - (b) the acquirer under the relevant acquisition is a member of the family who, or is a family company that, does not hold the shares acquired as trustee. - (a) the primary beneficiaries of the trust consist only of members of the family or the family company; and - (b) the takers in default of an appointment for capital by the trustee of the trust consist only of members of the family or the family company. - (a) a person decided under the Succession Act 1981 ; or - (b) a charitable institution. - (a) the first person is the spouse of the other person; or - (b) the first person, or the first person’s spouse, is any of the following in relation to the other person, or the other person’s spouse— (i) child, stepchild or adopted child; (ii) grandchild or great grandchild; (iii) brother, sister, aunt, uncle or cousin; (iv) parent, step-parent, adoptive parent, grandparent or great grandparent. - (i) child, stepchild or adopted child; - (ii) grandchild or great grandchild; - (iii) brother, sister, aunt, uncle or cousin; - (iv) parent, step-parent, adoptive parent, grandparent or great grandparent. - (i) child, stepchild or adopted child; - (ii) grandchild or great grandchild; - (iii) brother, sister, aunt, uncle or cousin; - (iv) parent, step-parent, adoptive parent, grandparent or great grandparent.