67BRequirements for non-trustee proprietary company

67B Requirements for non-trustee proprietary company (1) For the purposes of section 67(1)(b)(ii), the requirements for an owner that is a proprietary company (not acting in the capacity as trustee of a trust to which the land is subject) are that— (a) the company carries on the business of primary production referred to in section 67(1)(a)(iii); and (b) the principal business of the company is that business; and (c) all the company's shares are beneficially owned by natural persons; and (d) the company meets the requirements in subsection (2) in relation to the distribution of dividends. (2) For the purposes of subsection (1)(d), the requirements are that— (a) if the company distributes dividends during the relevant period— (i) the dividends were distributed to all the holders of the issued share capital of the company in proportion to their respective paid up shareholdings; and (ii) 50% or more of the dividends were paid to a person or persons— (A) normally engaged in a substantially full-time capacity in the business of primary production referred to in section 67(1)(a)(iii); or (B) whose relative or relatives were normally engaged in a substantially full-time capacity in the business of primary production referred to in section 67(1)(a)(iii); or (b) if no dividends were distributed during the relevant period, ordinary shares representing 50% or more of the issued share capital of the company have been beneficially owned for the relevant period by a person or persons— (i) normally engaged in a substantially full-time capacity in the business of primary production referred to in section 67(1)(a)(iii); or (ii) whose relative or relatives were normally engaged in a substantially full-time capacity in the business of primary production referred to in section 67(1)(a)(iii). (3) For the purposes of subsection (2), a reference to the issued share capital of a company does not include a reference to any part of it that carries no right to participate beyond a specified amount in a distribution of either profits or capital. S. 67C inserted by No. 46/2019 s. 25.