3DMeaning of *chain of trusts*

3D Meaning of *chain of trusts* (1) For the purposes of this Act, a ***chain of trusts*** is 2 or more trusts where at least one of the following conditions is satisfied for each of the trusts— (a) the trustee of the trust has a specified interest under another of the trusts; (b) the trustee of another of the trusts has a specified interest under the trust. (2) For the purposes of this section, a person has a ***specified interest*** under a trust if— (a) in the case of a trust that is a fixed trust, the person has a beneficial interest under the trust; or (b) in the case of a trust that is a unit trust scheme, the person is a unitholder in the scheme; or (c) in the case of a trust that is a discretionary trust, the person is a specified beneficiary of the trust. S. 3E inserted by No. 67/2017 s. 14.