sec.13What is a material interest in a pharmacy business

sec.13 What is a material interest in a pharmacy business

Each of the following is a material interest in a pharmacy business— an interest in the business as a shareholder of an owner of the business; an interest in the business as a beneficiary of a trust of which an owner, or a shareholder of an owner, of the business is trustee; another interest in the business, other than an interest of an owner of the business, that entitles the person who holds the interest to receive consideration that varies according to the profits or takings of the business. To remove any doubt, it is declared that if an owner of a pharmacy business is a friendly society, the interest of a member of the owner is not a material interest in the business. s 13 amd 2025 No. 21 s 4 (sec.13-ssec.1) Each of the following is a material interest in a pharmacy business— an interest in the business as a shareholder of an owner of the business; an interest in the business as a beneficiary of a trust of which an owner, or a shareholder of an owner, of the business is trustee; another interest in the business, other than an interest of an owner of the business, that entitles the person who holds the interest to receive consideration that varies according to the profits or takings of the business. (sec.13-ssec.2) To remove any doubt, it is declared that if an owner of a pharmacy business is a friendly society, the interest of a member of the owner is not a material interest in the business.

• (a) an interest in the business as a shareholder of an owner of the business;
• (b) an interest in the business as a beneficiary of a trust of which an owner, or a shareholder of an owner, of the business is trustee;
• (c) another interest in the business, other than an interest of an owner of the business, that entitles the person who holds the interest to receive consideration that varies according to the profits or takings of the business.