Pharmacy Business Ownership Act 2024
sec.217Particular material interests in existing pharmacy businesses held by particular corporations
Start here
Get a plain-English read of sec.217
Turn the raw legal text into a practical explanation grounded in Pharmacy Business Ownership Act 2024.
sec.217 Particular material interests in existing pharmacy businesses held by particular corporations
This section applies to a corporation that holds a material interest in an existing pharmacy business owned by a deemed eligible person under section 216 as— a shareholder of the deemed eligible person; or a beneficiary of a trust of which the deemed eligible person is trustee. The corporation, and its shareholders, do not commit an offence against section 16 in relation to holding the material interest. Subsection (2) applies only while the deemed eligible person is carrying on the existing pharmacy business under section 216 . (sec.217-ssec.1) This section applies to a corporation that holds a material interest in an existing pharmacy business owned by a deemed eligible person under section 216 as— a shareholder of the deemed eligible person; or a beneficiary of a trust of which the deemed eligible person is trustee. (sec.217-ssec.2) The corporation, and its shareholders, do not commit an offence against section 16 in relation to holding the material interest. (sec.217-ssec.3) Subsection (2) applies only while the deemed eligible person is carrying on the existing pharmacy business under section 216 .
- (a) a shareholder of the deemed eligible person; or
- (b) a beneficiary of a trust of which the deemed eligible person is trustee.