Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_168
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 168
Character Range: 113911–115018

168  Subsection 995‑1(1)
Insert:

widely held company means:
 (a) a company, *shares in which (except shares that carry a right to a fixed rate of *dividend) are listed for quotation in the official list of an *approved stock exchange; or
 (b) a company with more than 50 members, other than a company where at least one of the following conditions is met during an income year:
 (i) no more than 20 persons held, or had the right to acquire or become the holders of, shares representing at least 75% of the value of the shares in the company (other than shares that only carry a right to a fixed rate of dividend);
 (ii) at least 75% of the voting power in the company was capable of being exercised by no more than 20 persons;
 (iii) at least 75% of the amount of any dividend paid by the company during the year was paid to no more than 20 persons;
 (iv) if no dividend was paid by the company during the year—the Commissioner is of the opinion that, if a dividend had been paid by the company during the year, at least 75% of the amount of the dividend would have been paid to no more than 20 persons.