Document ID: chunk:federal_register_of_legislation:C2010C00605:clause:2_4
Version: federal_register_of_legislation:C2010C00605
Segment Type: clause
Provision Reference: sch 2 cl 4
Character Range: 32824–33881

4  Subsection 124‑380(5)
Repeal the subsection, substitute:

Choice to be made by interposed company

 (5) If:
 (a) immediately before the completion time, the original company is the *head company of a *consolidated group; and
 (b) immediately after the completion time, the interposed company is the head company of a *consolidatable group consisting only of itself and the *members of the group immediately before the completion time;
the interposed company must choose that the consolidated group is to continue in existence at and after the completion time.

Note: Sections 703‑65 to 703‑80 deal with the effects of the choice for the consolidated group.

 (6) If subsection (5) of this section does not apply, the interposed company must choose that section 124‑385 apply.

 (7) In either case, the interposed company must make the choice within 2 months after the completion time, or within such further time as the Commissioner allows. The choice cannot be revoked.

Note: This is an exception to the general rule about choices in section 103‑25.