Document ID: chunk:federal_register_of_legislation:C2015A00130:clause:4_1
Version: federal_register_of_legislation:C2015A00130
Segment Type: clause
Provision Reference: sch 4 cl 1
Character Range: 48299–51626

1  After Division 166
Insert:

Division 167—Companies whose shares carry unequal rights to dividends, capital distributions or voting power

Table of Subdivisions
 Guide to Division 167
167‑A Rights to dividends or capital distributions
167‑B Voting power

Guide to Division 167

167‑1  What this Division is about

      This Division modifies the way conditions relating to this Part apply to companies whose shares:
             (a) do not all carry the same rights to dividends or capital distributions; or
             (b) do not all carry the same voting rights, or do not carry all of the voting rights in the company.

Subdivision 167‑A—Rights to dividends or capital distributions

Guide to Subdivision 167‑A

167‑5  What this Subdivision is about
      Companies whose shares do not all carry the same rights to dividends or capital distributions may test the possession of those rights similarly to companies whose shares are all of a single class with the same rights.

167‑7  Simplified outline of this Subdivision

      If a condition of the continuity of ownership test cannot be worked out for a company:
             (a) because of its unequal share structure; or
             (b) because of a holding company's unequal share structure;
      an entity can choose to reconsider that condition in up to 3 ways.
      The first way involves disregarding debt interests.
      The second way involves disregarding debt interests and secondary share classes.
      The third way involves disregarding those shares, and treating the remaining shares as carrying certain percentages of the rights to receive dividends and capital distributions.
      The second way can only be tried after the first way, while the third way can only be tried after the second way.

Table of sections

Operative provisions
167‑10 When this Subdivision applies
167‑15 First way—disregard debt interests
167‑20 Second way—also disregard secondary share classes
167‑25 Third way—treat remaining shares as having fixed rights to dividends and capital distributions
167‑30 Fixing rights if practicable to work out market values
167‑35 Fixing rights if impracticable to work out market values etc.
167‑40 The valuing times for conditions listed in subsection 167‑10(1)

Operative provisions

167‑10  When this Subdivision applies

When this Subdivision applies
 (1) This Subdivision applies in relation to a company if:
 (a) as described in the following table, a condition (the unsatisfied condition) cannot be worked out for the company for a particular period (the test period); and
 (b) at one or more times during the test period:
 (i) the company; or
 (ii) a company that has a *shareholding interest in it;
  (an unequally structured company) has an *unequal share structure.

Conditions that can be reconsidered under this Subdivision
Item                                                        Column 1                                                                                                     Column 2
                                                            Each of the following provisions contains a condition:
                                                                                                                                                                         that cannot be worked out for: