Document ID: chunk:federal_register_of_legislation:C2015A00150:clause:1_15
Version: federal_register_of_legislation:C2015A00150
Segment Type: clause
Provision Reference: sch 1 cl 15
Character Range: 35663–37864

15  Interests acquired by entering agreements or acquiring options
 (1) For the purposes of this Act, a person is taken (except as provided by subsections (4) and (5)) to acquire an interest in a security, asset, trust or Australian land if the person:
 (a) enters an agreement to acquire the interest; or
 (b) either:
 (i) for an interest in a security, asset or trust—has a right to acquire such an interest under an option; or
 (ii) for an interest in Australian land—acquires an option to acquire such an interest; or
 (c) has a right, other than by reason of having an interest under a trust, to have such an interest transferred to himself or herself or to his or her associate.
Note: For the definition of enters, see section 25.
 (2) To avoid doubt, a right mentioned in paragraph (1)(b) or (c) includes a right under an instrument or agreement.
 (3) Subsections (1) and (2) apply whether or not:
 (a) the right or option is presently exercisable or exercisable in the future; or
 (b) the agreement, right or option requires the fulfilment of a condition.

Provisions of agreements that are not currently binding
 (4) Subsection (5) applies for the purposes of the following provisions:
 (a) Part 4 (notice of notifiable action);
 (b) Part 5 (offences and civil penalties) to the extent that it relates to Part 4;
 (c) any other provision of this Act to the extent that it relates to the provisions mentioned in paragraph (a) or (b);
 (d) the definition of new dwelling in section 4 (including to the extent that the definition affects the definition of established dwelling in that section), except in section 95 (acquisition of interests in established dwellings).
 (5) If:
 (a) a person proposes to take an action to acquire or sell an interest in a security, asset, trust or Australian land; and
 (b) the provisions of the agreement to acquire or sell the interest do not become binding on the person until one or more conditions are met;
the person takes the action to acquire or sell the interest, and enters the agreement, only when the provisions become binding.
Note: As a result of this subsection, the person acquires or sells the interest only when the provisions become binding.