sec.98Conditions for transfer or agreement for transfer of business property

### sec.98 Conditions for transfer or agreement for transfer of business property The conditions applying to a dutiable transaction mentioned in section 97 (1) (a) are as follows— the transferor or person directing the transfer is— if the business property is used to carry on a business of primary production—a defined relative of the transferee; or otherwise—an ancestor of the transferee; the transferee does not acquire the business property as— trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (2) ; or agent or nominee of another person; the business for which the business property is used is carried on by the defined relative or ancestor, whether alone or with others; the business is intended to be carried on by the transferee, whether alone or with others. For subsection (1) (b) (i) — the beneficiary of the trust is a minor, and— if the business property is used to carry on a business of primary production—the minor is a defined relative of the person creating the trust; or otherwise—the minor is a descendant of the person creating the trust; and there are no other beneficiaries of the trust, other than a person who would become a beneficiary of the trust on the death of the beneficiary mentioned in paragraph (a) . s 98 amd 2014 No. 35 s 4 (sec.98-ssec.1) The conditions applying to a dutiable transaction mentioned in section 97 (1) (a) are as follows— the transferor or person directing the transfer is— if the business property is used to carry on a business of primary production—a defined relative of the transferee; or otherwise—an ancestor of the transferee; the transferee does not acquire the business property as— trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (2) ; or agent or nominee of another person; the business for which the business property is used is carried on by the defined relative or ancestor, whether alone or with others; the business is intended to be carried on by the transferee, whether alone or with others. (sec.98-ssec.2) For subsection (1) (b) (i) — the beneficiary of the trust is a minor, and— if the business property is used to carry on a business of primary production—the minor is a defined relative of the person creating the trust; or otherwise—the minor is a descendant of the person creating the trust; and there are no other beneficiaries of the trust, other than a person who would become a beneficiary of the trust on the death of the beneficiary mentioned in paragraph (a) . - (a) the transferor or person directing the transfer is— (i) if the business property is used to carry on a business of primary production—a defined relative of the transferee; or (ii) otherwise—an ancestor of the transferee; - (i) if the business property is used to carry on a business of primary production—a defined relative of the transferee; or - (ii) otherwise—an ancestor of the transferee; - (b) the transferee does not acquire the business property as— (i) trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (2) ; or (ii) agent or nominee of another person; - (i) trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (2) ; or - (ii) agent or nominee of another person; - (c) the business for which the business property is used is carried on by the defined relative or ancestor, whether alone or with others; - (d) the business is intended to be carried on by the transferee, whether alone or with others. - (i) if the business property is used to carry on a business of primary production—a defined relative of the transferee; or - (ii) otherwise—an ancestor of the transferee; - (i) trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (2) ; or - (ii) agent or nominee of another person; - (a) the beneficiary of the trust is a minor, and— (i) if the business property is used to carry on a business of primary production—the minor is a defined relative of the person creating the trust; or (ii) otherwise—the minor is a descendant of the person creating the trust; and - (i) if the business property is used to carry on a business of primary production—the minor is a defined relative of the person creating the trust; or - (ii) otherwise—the minor is a descendant of the person creating the trust; and - (b) there are no other beneficiaries of the trust, other than a person who would become a beneficiary of the trust on the death of the beneficiary mentioned in paragraph (a) . - (i) if the business property is used to carry on a business of primary production—the minor is a defined relative of the person creating the trust; or - (ii) otherwise—the minor is a descendant of the person creating the trust; and