Document ID: chunk:federal_register_of_legislation:C2004A03762:body:0:p7
Version: federal_register_of_legislation:C2004A03762
Segment Type: other
Provision Reference: 
Character Range: 15383–18032

right to acquire such an interest under an option (whether the right is exercisable presently or in the future) and whether on the fulfilment of a condition or not;
the person shall be taken to hold that interest in the trust estate.
"(3) For the purposes of this Act, a person holds an interest in a trust estate even if the person holds the interest jointly with another person.
"(4) For the purposes of this Act, a person shall be taken not to hold an interest in a trust estate if:
     (a) the person holds the interest solely by way of security for the purposes of a moneylending agreement; and
     (b) the ordinary business of the person includes the lending of money.
"(5) For the purposes of this Act, a person holds an interest in a trust estate despite:
     (a) its remoteness;
     (b) the manner in which it arose; or
     (c) the fact that the exercise of a right conferred by the interest is, or is capable of being made, subject to restraint or restriction.

Tracing of substantial interests in corporations and trust estates
"12c. Where:
     (a) a person holds a substantial interest, or 2 or more persons hold an aggregate substantial interest, (including a substantial interest held by that person, or an aggregate substantial interest held by those persons, by another application or other applications of this subsection) in a corporation or a trust estate (which corporation or the trustee of which trust estate is in this section called the 'first level entity'); and
     (b) the first level entity:
         (i) is in a position to control all or any of the voting power, or holds interests in all or any of the issued shares, in a corporation (in this section called the 'second level corporation'); or
         (ii) holds an interest in a trust estate (in this section called the 'second level trust estate');
the following provisions have effect for the purposes of this Act:
     (c) where subparagraph (b) (i) applies—the person or those persons together shall be taken to be in a position to control so much of the voting power of the second level corporation as the first level entity is in a position to control or to hold the interests in the issued shares in the second level corporation that the first level entity holds, as the case may be;
     (d) where subparagraph (b) (ii) applies—the person or those persons together shall be taken to hold the interest in the second level trust estate that the first level entity holds.".

Prescribed corporations
13. Section 13 of the Principal Act is amended by omitting from paragraphs (1) (d) and (e) "$3,000,000" and substituting "$20,000,000 or such other amount