Document ID: chunk:federal_register_of_legislation:C2010C00604:clause:2_1
Version: federal_register_of_legislation:C2010C00604
Segment Type: clause
Provision Reference: sch 2 cl 1
Character Range: 46103–47210

1  After section 703‑30
Insert:

703‑33  Transfer time for sale of shares in company

 (1) This section applies if:
 (a) under a contract:
 (i) a person (the seller) stops being entitled to be registered as the holder of a *share in a company at a time (the transfer time); and
 (ii) another person (the buyer) becomes entitled to be registered as the holder of the share in the company at the transfer time; and
 (b) as a result of the contract, the seller stops being the beneficial owner of the share, and the buyer becomes the beneficial owner of the share; and
 (c) the seller and the buyer dealt with each other at *arm's length in relation to the contract; and
 (d) the seller and the buyer were not *associates of one another at any time during the period:
 (i) starting when the contract was entered into; and
 (ii) ending at the transfer time.

 (2) For the purposes of subsection 703‑30(1):
 (a) the seller is taken to have stopped being the beneficial owner of the share at the transfer time; and
 (b) the buyer is taken to have become the beneficial owner of the share at the transfer time.