Document ID: chunk:federal_register_of_legislation:C2025C00014:section:103a:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 103A (pt 2/9)
Character Range: 897121–899549

of the voting power in the company was capable of being exercised by one person or by persons not more than 20 in number;
 (c) not less than three‑quarters of:
 (i) the amount of any dividend paid by the company during the year of income; or
 (ii) if more than one dividend was paid by the company during the year of income—the total amount of all the dividends paid by the company during the year of income;
  was paid to one person or to persons not more than 20 in number; or
 (d) a dividend was not paid by the company during the year of income but the Commissioner is of the opinion that, if a dividend had been paid by the company at any time during the year of income, not less than three‑quarters of the amount of that dividend would have been paid to one person or to persons not more than 20 in number.
 (3A) Subject to subsection (3B), a company shall not be taken for the purposes of subsection (1) to be a public company in relation to a year of income by reason that a body constituted and established as mentioned in subparagraph (2)(d)(iii) (in this subsection referred to as the public body) had a controlling interest in the company on the last day of the year of income if:
 (a) by reason of:
 (i) any of the provisions contained in the constituent document of the company as in force on the last day of the year of income; or
 (ii) any right, power, option or agreement in existence on the last day of the year of income that related to the management or conduct of the affairs of the company, including any right, power, option or agreement that related to the issue, allotment or redemption of shares, or the grant, withdrawal or variation of rights in respect of shares;
  the exercise by the public body of any right or power in connexion with the company (being a right or power relating to the exercise by the public body of a controlling interest in the company), whether on the last day of the year of income or at any later time, could have been prevented;
 (b) rights or powers of the public body in connexion with the company were exercised during the year of income otherwise than for the benefit of the public body or were not exercised in circumstances where it might reasonably have been expected that they would have been exercised;
 (c) any shares in the company that were held by the public body on the last day of the year of income were acquired by the public body for no consideration or