sec.10Meaning of beneficial interest

### sec.10 Meaning of beneficial interest For this Act, other than section 19 (2) (a) or (4) (b) (i) , a licensee is taken to have a beneficial interest in property, for example, if— the purchase of the property is made for the licensee or an associate of the licensee; or an option to purchase the property is held by the licensee or an associate of the licensee; or the purchase of the property is made for a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or an option to purchase the property is held by a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or the purchase of the property is made for a corporation of which the licensee or an associate of the licensee is an executive officer; or an option to purchase the property is held by a corporation of which the licensee or an associate of the licensee is an executive officer; or for a licensee that is a corporation— the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or the purchase of the property is made for a member of a firm or partnership of which the licensee or an associate of the licensee is also a member; or the purchase of the property is made for a person carrying on a business for profit or gain and the licensee or an associate of the licensee has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. For this Act, other than section 19 (2) (a) or (4) (b) (i) , a motor salesperson is taken to have a beneficial interest in property, for example, if— the purchase of the property is made for the motor salesperson or an associate of the salesperson; or the motor salesperson or an associate of the salesperson has an option to purchase the property; or the purchase of the property is made for a corporation (having not more than 100 members) of which the motor salesperson or an associate of the salesperson is a member; or an option to purchase the property is held by a corporation (having not more than 100 members) of which the motor salesperson or an associate of the salesperson is a member; or the purchase of the property is made for a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or an option to purchase the property is held by a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or the purchase of the property is made for an executive officer of a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or an option to purchase the property is held by an executive officer of a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or the purchase of the property is made for a member of a firm or partnership of which the motor salesperson or an associate of the salesperson is also a member; or the purchase of the property is made for a person carrying on a business for profit or gain and the motor salesperson or an associate of the salesperson has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. (sec.10-ssec.1) For this Act, other than section 19 (2) (a) or (4) (b) (i) , a licensee is taken to have a beneficial interest in property, for example, if— the purchase of the property is made for the licensee or an associate of the licensee; or an option to purchase the property is held by the licensee or an associate of the licensee; or the purchase of the property is made for a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or an option to purchase the property is held by a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or the purchase of the property is made for a corporation of which the licensee or an associate of the licensee is an executive officer; or an option to purchase the property is held by a corporation of which the licensee or an associate of the licensee is an executive officer; or for a licensee that is a corporation— the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or the purchase of the property is made for a member of a firm or partnership of which the licensee or an associate of the licensee is also a member; or the purchase of the property is made for a person carrying on a business for profit or gain and the licensee or an associate of the licensee has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. (sec.10-ssec.2) For this Act, other than section 19 (2) (a) or (4) (b) (i) , a motor salesperson is taken to have a beneficial interest in property, for example, if— the purchase of the property is made for the motor salesperson or an associate of the salesperson; or the motor salesperson or an associate of the salesperson has an option to purchase the property; or the purchase of the property is made for a corporation (having not more than 100 members) of which the motor salesperson or an associate of the salesperson is a member; or an option to purchase the property is held by a corporation (having not more than 100 members) of which the motor salesperson or an associate of the salesperson is a member; or the purchase of the property is made for a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or an option to purchase the property is held by a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or the purchase of the property is made for an executive officer of a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or an option to purchase the property is held by an executive officer of a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or the purchase of the property is made for a member of a firm or partnership of which the motor salesperson or an associate of the salesperson is also a member; or the purchase of the property is made for a person carrying on a business for profit or gain and the motor salesperson or an associate of the salesperson has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. - (a) the purchase of the property is made for the licensee or an associate of the licensee; or - (b) an option to purchase the property is held by the licensee or an associate of the licensee; or - (c) the purchase of the property is made for a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or - (d) an option to purchase the property is held by a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or - (e) the purchase of the property is made for a corporation of which the licensee or an associate of the licensee is an executive officer; or - (f) an option to purchase the property is held by a corporation of which the licensee or an associate of the licensee is an executive officer; or - (g) for a licensee that is a corporation— (i) the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or (ii) an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or - (i) the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or - (ii) an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or - (h) the purchase of the property is made for a member of a firm or partnership of which the licensee or an associate of the licensee is also a member; or - (i) the purchase of the property is made for a person carrying on a business for profit or gain and the licensee or an associate of the licensee has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. - (i) the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or - (ii) an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or - (a) the purchase of the property is made for the motor salesperson or an associate of the salesperson; or - (b) the motor salesperson or an associate of the salesperson has an option to purchase the property; or - (c) the purchase of the property is made for a corporation (having not more than 100 members) of which the motor salesperson or an associate of the salesperson is a member; or - (d) an option to purchase the property is held by a corporation (having not more than 100 members) of which the motor salesperson or an associate of the salesperson is a member; or - (e) the purchase of the property is made for a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or - (f) an option to purchase the property is held by a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or - (g) the purchase of the property is made for an executive officer of a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or - (h) an option to purchase the property is held by an executive officer of a corporation of which the motor salesperson or an associate of the salesperson is an executive officer; or - (i) the purchase of the property is made for a member of a firm or partnership of which the motor salesperson or an associate of the salesperson is also a member; or - (j) the purchase of the property is made for a person carrying on a business for profit or gain and the motor salesperson or an associate of the salesperson has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property.