Document ID: chunk:federal_register_of_legislation:C2011C00698:clause:5_151
Version: federal_register_of_legislation:C2011C00698
Segment Type: clause
Provision Reference: sch 5 cl 151
Character Range: 128527–129810

151  After section 719‑735
Insert:

719‑740  Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest

 (1) For the purposes of Subdivision 165‑CD, treat the *head company of a *MEC group as not having a relevant equity interest in a *loss company at a particular time if:
 (a) the *top company of the group is a *widely held company at that time; and
 (b) because of subsections 165‑115X(2A), (2B) and (2C), the top company does not have a relevant equity interest under section 165‑115X in the loss company at that time.

 (2) For the purposes of paragraph (1)(b), disregard the operation of subsection 701‑1(1) (the single entity rule) in determining whether subsection 165‑115X(2C) has the effect that the *top company has the relevant equity interest mentioned in that paragraph.

 (3) For the purposes of Subdivision 165‑CD, treat the *head company of a *MEC group as not having a relevant debt interest in a *loss company at a particular time if:
 (a) the *top company of the group is a *widely held company at that time; and
 (b) because of subsections 165‑115Y(3A), (3B) and (3C), the top company does not have a relevant debt interest under section 165‑115Y in the loss company at that time.