Document ID: chunk:federal_register_of_legislation:C2014A00133:clause:1_1:p2
Version: federal_register_of_legislation:C2014A00133
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/7)
Character Range: 6697–9519

are the first shares or units that the interposed company acquires in the original entity; and
 (c) you and at least one other entity (the exchanging members) own all the remaining shares or units in the original entity; and
 (d) those remaining shares or units are redeemed or cancelled; and
 (e) each exchanging member receives shares (and nothing else) in the interposed company in return for their shares or units in the original entity being redeemed or cancelled;
and the requirements in Subdivision 615‑B are satisfied.
Note: For paragraph (e), see section 124‑20 if an exchanging member uses a share sale facility.
 (2) You are taken to have chosen to obtain the roll‑over if:
 (a) immediately before the completion time (see section 615‑15), the original entity is the *head company of a *consolidated group; and
 (b) immediately after the completion time, the interposed company is the head company of the group.
Note: The consolidated group continues in existence because of section 703‑70.
 (3) The original entity, or its trustee if it is a unit trust, can issue other *shares or units to the interposed company as part of the *scheme.
Note: Some of the interposed company's shares or units in the original entity may be taken to be acquired before 20 September 1985: see section 615‑65.

Subdivision 615‑B—Further requirements for choosing to obtain roll‑overs

Table of sections
615‑15 Interposed company must own all the original interests
615‑20 Requirements relating to your interests in the original entity
615‑25 Requirements relating to the interposed company
615‑30 Interposed company must make a particular choice
615‑35 ADI restructures—disregard certain preference shares

615‑15  Interposed company must own all the original interests
  The interposed company must own all the *shares or units in the original entity immediately after the time (the completion time) all the exchanging members have had their shares or units in the original entity disposed of, redeemed or cancelled under the *scheme.

615‑20  Requirements relating to your interests in the original entity
 (1) Immediately after the completion time, each exchanging member must own:
 (a) a whole number of *shares in the interposed company; and
 (b) a percentage of the shares in the interposed company that were issued to all the exchanging members that is equal to the percentage of the shares or units in the original entity that were:
 (i) owned by the member; and
 (ii) disposed of, redeemed or cancelled under the *scheme.
 (2) The following ratios must be equal:
 (a) the ratio of:
 (i) the *market value of each exchanging member's *shares in the interposed company; to
 (ii) the market value of the shares in the interposed company issued to all the exchanging members (worked out immediately after the completion time);