104DAcquisition of interest in shares

104D Acquisition of interest in shares (1) For this Part, the acquisition of an interest in shares in a corporation holding a permit or licence includes: (a) the allotment or issue of a share, not being the issue of a share to a member on registration of the corporation as a corporation; and (b) the acquisition of the legal title in a share by purchase or transfer; and (c) the redemption, surrender or cancellation of a share; and (d) the variation, abrogation or alteration of a right pertaining to a share; and (e) a declaration of trust over shares; and

Petroleum Act 1984 123 (f) if shares are held subject to a discretionary trust – the addition of a beneficiary or class of beneficiaries to the existing beneficiaries under the trust; and (g) if shares are held subject to a discretionary trust – a change in control of a corporate beneficiary under the trust and a change in control of the trust if both changes: (i) occur within a 12 month period; and (ii) arise from (or substantially from) one transaction or one series of transactions; and (h) a statutory vesting of shares; and (i) a vesting of shares through a merger. (2) Despite subsection (1), an acquisition of an interest in shares in a corporation holding a permit or licence does not include an acquisition: (a) that occurs as the result of the appointment of: (i) a receiver or trustee in bankruptcy; or (ii) a liquidator; or (b) that is declared not to constitute an acquisition by the