Document ID: chunk:federal_register_of_legislation:C2010C00617:clause:2_160ardac:p3
Version: federal_register_of_legislation:C2010C00617
Segment Type: clause
Provision Reference: sch 2 cl 160ARDAC (pt 3/5)
Character Range: 27313–30018

of the property; or
 (ii) does not have the unconditional right to retain custody and control of the property in perpetuity to the exclusion of the trustee or an associate of the trustee; or
 (iii) does not obtain an immediate, indefeasible and unencumbered legal and equitable title to the property.

 (10) Subject to subsection (11), the institution's exempt status is not disregarded if:
 (a) an arrangement is entered into as part of, or in association with, the payment of the dividend or the arising of the entitlement to, or the distribution of, the notional trust amount; and
 (b) because of the arrangement the institution or another entity has acquired or will acquire (whether directly or indirectly) property, other than property comprising the dividend or notional trust amount, from:
 (i) the company or an associate of the company; or
 (ii) the trustee of the trust in relation to which the notional trust amount arises or an associate of the trustee.

 (11) Subsection (4), (5) or (10) does not apply to the dividend or notional trust amount if:
 (a) the institution has the choice of:
 (i) receiving payment of the dividend or notional trust amount; or
 (ii) being issued with shares in the company that paid the dividend or fixed interests in the trust estate in relation to which the notional trust amount arises; and
 (b) the institution is under no obligation (whether express or implied and whether legally enforceable or not) either to choose to take, or to choose not to take, the shares or interests rather than receiving payment of the dividend or notional trust amount; and
 (c) the institution chooses to be issued with the shares or fixed interests; and
 (d) subsection (4), (5) or (10) would, but for this subsection, apply to the dividend or notional trust amount because the institution makes that choice; and
 (e) making that choice furthers the purpose for which the institution was established; and
 (f) the institution does not make that choice for the purpose, or purposes that include the purpose, of benefiting:
 (i) the company that paid the dividend; or
 (ii) the trustee of the trust in relation to which the notional trust amount arises; or
 (iii) an associate of that company or trustee (other than the institution); and
 (g) any benefit obtained by the company, trustee or associate because the institution makes that choice is an ordinary incident of issuing the shares or interests to the institution or of the institution's holding of those shares or interests; and
 (h) the following deal with one another on an arm's length basis in relation to any related transaction or arrangement in relation to the dividend or notional trust amount that, but for this