Document ID: chunk:federal_register_of_legislation:C2014C00710:clause:2_2:p1
Version: federal_register_of_legislation:C2014C00710
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 1/2)
Character Range: 38727–41394

2                                                 A law other than the Corporations (Aboriginal and Torres Strait Islander) Act 2006           The Corporations (Aboriginal and Torres Strait Islander) Act 2006

 (2) You can choose to obtain a roll‑over if:
 (a) as a result of the conversion you are issued with *shares in the company and you receive nothing else; and
 (b) either you are an Australian resident at the time of the conversion or, if you are a foreign resident at that time:
 (i) each of your interest and your other rights (if any) relating to the body was *taxable Australian property just before that time; and
 (ii) the shares are taxable Australian property when they are issued.
Note 1: The roll‑over consequences are set out in Subdivision 124‑A and section 124‑530.
Note 2: Section 103‑25 tells you when you have to make the choice.
 (3) If the company is incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006, subsection (2) applies in relation to rights as a *member of the company in the same way as that subsection applies to *shares in a company.
Note: This may allow you to choose to obtain a roll‑over. The roll‑over consequences are set out in Subdivision 124‑A and section 124‑535.

Exception for demutualisation of certain bodies
 (4) This section does not apply to demutualisation of a body if Division 326 in Schedule 2H to the Income Tax Assessment Act 1936 applies to the demutualisation.
Note: That Division deals with demutualisation of entities other than insurance companies and health insurers.

Old corporation wound up

124‑525  Old corporation wound up
 (1) This section applies if:
 (a) a body is incorporated under a law described in column 1 of an item of the table; and
 (b) a company is incorporated under a law described in column 2 of the item; and
 (c) the body ceases to exist, but the company continues to exist, after the time (the switch time) the *members of the body receive *shares in the company, or rights as members of it if it is incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006, on account of:
 (i) their interests in the body; and
 (ii) their other rights (if any) relating to the body; and
 (d) the members of the body do not receive anything else on account of the expected ending of those interests and rights; and
 (e) it is reasonable to conclude that there is no significant difference:
 (i) between the ownership of the body, and of rights relating to the body held by entities that owned the body, just before the switch time and the ownership of the company just after the switch time; or
 (ii) between the mix of ownership of