Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_79:p17
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 79 (pt 17/25)
Character Range: 73793–76341

a *capital stake—each member had the right to receive (whether directly or indirectly), for its own benefit, an equal proportion of any distributions of capital of the tested company in respect of that stake at that time; and
 (d) in any case—each member were a person (other than a company or a trustee).

Note 1: If each member's proportion of the voting power, the dividends or the distributions is less than 10%, then subsections (5) and (6) apply instead.

Note 2: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166‑265.

If the entity has more than 10 members etc.

 (5) The ownership tests are applied as set out in subsection (6) if:
 (a) the entity has more than 10 *members; or
 (b) under subsection (4):
 (i) the proportion of the voting power in the company that each member controls, or is able to control, is less than 10% of the total voting power; or
 (ii) the proportion of the *dividends that the tested company may pay for the benefit of each member is less than 10% of the total dividends; or
 (iii) the proportion of the distributions of capital that the tested company may pay for the benefit of each member is less than 10% of the total distributions.

 (6) The ownership tests are applied to the tested company as if, at the *ownership test time:
 (a) if the stake is a *voting stake—the entity controls, or is able to control, the voting power in the tested company that is carried by that stake at that time; and
 (b) if the stake is a *dividend stake—the entity had the right to receive (whether directly or *indirectly), for its own benefit, any *dividends the tested company may pay in respect of that stake at that time; and
 (c) if the stake is a *capital stake—the entity had the right to receive (whether directly or indirectly), for its own benefit, any distributions of capital of the tested company in respect of that stake at that time; and
 (d) in any case—the entity were a person (other than a company or a trustee).

Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166‑265.

When identity of foreign stakeholders is not known

166‑255  Bearer shares in foreign listed companies

 (1) This section modifies how the ownership tests in section 166‑145 are applied to the tested company if:
 (a) at the *ownership test time, it is the case, or it is reasonable to assume, that