Document ID: chunk:federal_register_of_legislation:C2006A00051:clause:1_33h
Version: federal_register_of_legislation:C2006A00051
Segment Type: clause
Provision Reference: sch 1 cl 33H
Character Range: 9526–10627

33H  Establishment of new corporation for purposes of holding units

 (1) If:
 (a) the Board would otherwise hold the only unit, or all the units, in a unit trust; and
 (b) the Board is also the trustee of the trust;
then:
 (c) the Board is taken, for the purposes of holding a unit in the unit trust, to be a corporation by the name of "The Holding Board"; and
 (d) the Board must hold a unit in the unit trust in that corporate name.

Note: This subsection gives the Board a new and separate legal personality for the purposes of holding a unit in the unit trust. This has the effect of preventing any merger of legal and equitable interests relating to the unit trust for the purposes of trust law.

 (2) If the unit trust referred to in subsection (1) is a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993), then, for the purposes of that Act, the Income Tax Assessment 1936 and the Income Tax Assessment Act 1997, the corporation named as "The Holding Board" is taken to be a regulated superannuation fund (within the meaning of those Acts).