66VOwnership of pharmacy business

66V Ownership of pharmacy business (1) A person must not own a pharmacy business unless the person is— (a) a pharmacist; or (b) a complying pharmacy corporation; or (c) a former corporate pharmacist. close relative, of a pharmacist or company pharmacist, means the pharmacist’s— (a) domestic partner; or Note Domestic partner—see the Legislation Act, s 169. (b) father, mother, grandfather, grandmother, stepfather, stepmother, father-in-law or mother-in-law; or (c) son, daughter, grandson, granddaughter, stepson, stepdaughter, son-in-law or daughter-in-law; or (d) brother, sister, half-brother, half-sister, stepbrother, stepsister, brother-in-law or sister-in-law; or (e) uncle, aunt, uncle-in-law or aunt-in-law; or (f) nephew, niece or cousin.

complying pharmacy corporation means a corporation that— (a) has a constitution that provides that— (i) the object of the corporation is to own and control a pharmacy business; and (ii) only an individual who is a pharmacist may be a director; and (iii) a director cannot be a director of another pharmacy corporation without the written consent of the board; and (iv) all voting rights exercisable at a general meeting of the corporation are exercisable only by or on behalf of pharmacists who are directors or employees of the corporation; and (v) a shareholder in the corporation must be either a pharmacist or a close relative of a pharmacist shareholder; and (b) has a constitution that ensures that each share in the corporation is beneficially owned by a pharmacist who is a director or employee of the corporation or a close relative of the pharmacist; and (c) for a corporation that is to own and control a pharmacy business as a trustee—is only a party to a trust deed that relates to the corporation’s ownership and control of a pharmacy business if the deed provides that all beneficiaries are to be pharmacists who are directors or employees of the corporation or close relatives of the pharmacists; and (d) has a constitution that is appropriate to a corporation formed to own and control a pharmacy business.

Pharmacies Part 3B former corporate pharmacist means a corporation that— (a) on 30 June 2010 owned a pharmacy business; and (b) from 30 June 2010— (i) has continuously owned and operated the pharmacy business; and (ii) has only appointed pharmacists as directors of the corporation; and (iii) has only allowed— (A) pharmacists appointed as directors or employed in the corporation (a company pharmacist), or close relatives of a company pharmacist, to become new shareholders of the corporation; and (B) beneficial ownership of shares in the corporation; and (iv) if the corporation practises pharmacy as a trustee—is party to a trust deed that prevents a person who is not a company pharmacist, or close relative of a company pharmacist, becoming a new beneficiary under the deed. medicine—see the Medicines, Poisons and Therapeutic Goods Act 2008, section 11. own, for a pharmacy business— (a) includes having a legal or beneficial interest in the pharmacy business; but (b) does not include having an interest in the pharmacy business only because of being the public trustee and guardian or the personal legal representative of a deceased pharmacist. pharmacy business means a business providing pharmacy services at a community pharmacy.