Document ID: chunk:federal_register_of_legislation:C2004A04989:body:0:p9
Version: federal_register_of_legislation:C2004A04989
Segment Type: other
Provision Reference: 
Character Range: 20319–22957

be in breach of that control rule at the test time.

(2) If:

   (a) particular circumstances that are relevant to the breach arose after the grandfather time; and

(b) the relevant person was not in a position to prevent those circumstances arising;

those circumstances are taken for the purposes of subsection (1) to have been in existence at the grandfather time.

(3) If:

    (a) particular circumstances (the "new circumstances") that are relevant to the breach resulted from the allotment or issue, after the grandfather time, of shares (the "new shares") in a company to a person (the "recipient") who, immediately before the grandfather time, held shares (the "old shares") in the company; and

    (b) the recipient received the new shares in accordance with rights of a kind enjoyed by the recipient in common with other holders of shares of the same class as the old shares;

the new circumstances are taken for the purposes of subsection (1) to have been in existence at the grandfather time.

(4) If:

    (a) particular circumstances that are relevant to the breach consist of the holding by a person of company interests in a company that are greater than the company interests in that company that were held by that person at the grandfather time; and

    (b) that person was in a position to control that company immediately before the grandfather time, and at all times from the grandfather time to the test time;

those circumstances are taken for the purposes of subsection (1) to have been in existence at the grandfather time. For the purposes of this subsection, the question whether a person is in a position to control a company is to be determined in accordance with the Principal Act as in force immediately before the commencement of this section, but without regard to clause 6 of Schedule 1 to the Principal Act.

(5) In this section:

"circumstances that are relevant to the breach" includes the holding of all company interests in any company by any person, so far as the company interests can be relied on in establishing the breach, including company interests that do not have to be relied on to establish the breach;

"control rule" means:

    (a) a provision of Division 2, 3, 4 or 5 of Part 5 of the Principal Act; and

    (b) a provision of Division 3 of Part 7 of the Principal Act (other than section 109);

"shares" means shares in, or debentures of, a company.

Compensation for acquisition of property

16.(1) If:

   (a) this Act, or the Principal Act as amended by this Act, would result in an acquisition of property; and

   (b) the whole or any part of this Act, or of the Principal