Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2h:p21
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2H (pt 21/165)
Character Range: 2447877–2450714

the amount referred to in subparagraph (c)(i) on the demutualisation resolution day;
 (ii) to have paid any amount referred to in subparagraph (c)(ii) when it was actually paid;
 (iii) to have acquired the share or interest on the demutualisation resolution day.

326‑170  Various adjusted market values

Application
 (1) This section has effect for the purposes of this Subdivision.

Where membership rights not acquired by disposal of rights in another entity
 (2) The adjusted market value, when the expression is used in relation to a disposer who did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity, is the lesser of the issue day adjusted market value and the resolution day adjusted market value.

Where membership rights acquired by disposal of rights in another entity
 (3) The adjusted market value, when the expression is used in relation to a disposer who acquired membership rights in the demutualising entity by disposing of membership rights in another mutual entity, is the disposal day adjusted market value.

Issue day adjusted market value
 (4) The issue day adjusted market value is the market value, as determined by a qualified valuer, of the demutualised entity on the day on which the demutualisation shares were issued. However, in making the determination the valuer is to disregard the franking surplus of the demutualised entity on that day.

Resolution day adjusted market value
 (5) The resolution day adjusted market value is the market value, as determined by a qualified valuer, of the demutualising entity on the demutualisation resolution day. However, in making the determination the valuer is to disregard the franking surplus of the demutualising entity on that day.

Disposal day adjusted market value
 (6) Subject to subsection (7), the disposal day adjusted market value is the market value, as determined by a qualified valuer, of the other entity at the time immediately before the disposer disposed of membership rights in the other entity. However, in making the determination the valuer is to disregard the franking surplus of the other entity at that time.

Indexation of amount mentioned in subsection (6)
 (7) If the indexation factor (see section 326‑235) of the amount worked out under subsection (6) is more than one, that amount is taken to be replaced by that amount as indexed under Subdivision 326‑M.

326‑175  Undeducted membership costs
 (1) For the purposes of this Subdivision, the undeducted membership costs, when the expression is used in relation to a disposer who did not acquire membership rights in the demutualising entity by the disposal of membership rights in another mutual entity, are the sum of the undeducted amounts of the costs that were incurred by the disposer in acquiring and maintaining