sec.214Particular corporations deemed to be eligible persons

sec.214 Particular corporations deemed to be eligible persons

This section applies to a corporation that— immediately before the commencement, owned an existing pharmacy business; and is not an eligible person; and meets the eligibility criteria mentioned in subsection (2) . The eligibility criteria are that, immediately before the commencement— the directors of the corporation were all— practising pharmacists; or close adult relatives, of practising pharmacists, who also held a material interest in the business immediately before the commencement; and the shareholders of the corporation consisted of only the following— practising pharmacists; close adult relatives of practising pharmacists; 1 or more corporations whose directors and shareholders were— all practising pharmacists; or a combination of practising pharmacists and close adult relatives, of practising pharmacists, who also held a material interest in the business immediately before the commencement; and if the corporation owned the existing pharmacy business as trustee of a trust, the beneficiaries of the trust consisted of only the following— practising pharmacists; close adult relatives of practising pharmacists; 1 or more corporations whose directors and shareholders were— all practising pharmacists; or a combination of practising pharmacists and close adult relatives, of practising pharmacists, who also held a material interest in the business immediately before the commencement. From the commencement, the corporation is deemed to be an eligible person. However, the corporation stops being a deemed eligible person if a material interest in the existing pharmacy business is transferred to a person who is not permitted to hold a material interest in the business under section 16 . (sec.214-ssec.1) This section applies to a corporation that— immediately before the commencement, owned an existing pharmacy business; and is not an eligible person; and meets the eligibility criteria mentioned in subsection (2) . (sec.214-ssec.2) The eligibility criteria are that, immediately before the commencement— the directors of the corporation were all— practising pharmacists; or close adult relatives, of practising pharmacists, who also held a material interest in the business immediately before the commencement; and the shareholders of the corporation consisted of only the following— practising pharmacists; close adult relatives of practising pharmacists; 1 or more corporations whose directors and shareholders were— all practising pharmacists; or a combination of practising pharmacists and close adult relatives, of practising pharmacists, who also held a material interest in the business immediately before the commencement; and if the corporation owned the existing pharmacy business as trustee of a trust, the beneficiaries of the trust consisted of only the following— practising pharmacists; close adult relatives of practising pharmacists; 1 or more corporations whose directors and shareholders were— all practising pharmacists; or a combination of practising pharmacists and close adult relatives, of practising pharmacists, who also held a material interest in the business immediately before the commencement. (sec.214-ssec.3) From the commencement, the corporation is deemed to be an eligible person. (sec.214-ssec.4) However, the corporation stops being a deemed eligible person if a material interest in the existing pharmacy business is transferred to a person who is not permitted to hold a material interest in the business under section 16 .