Document ID: chunk:federal_register_of_legislation:C2004A02877:body:0:p5
Version: federal_register_of_legislation:C2004A02877
Segment Type: other
Provision Reference: 
Character Range: 10117–13027

the following paragraph:
         "(a) a sole trader that is a member of the stock exchange; or"; and
     (b) by omitting the definition of "sole trader" in sub-section (1) and substituting the following definition:
         " 'sole trader' means—
         (a) a natural person who; or
         (b) a body corporate that,
        is a member of a stock exchange and carries on a business of dealing in securities on his or its own account and not in partnership;".
(2) Section 4 of the Principal Act is amended—
     (a) by omitting the definition of "prescribed interest" in sub-section (1) and substituting the following definition:
         " 'prescribed interest' means—
         (a) any right to participate in a time-sharing scheme; and
           (b) any other right to participate or any interest, whether enforceable or not and whether actual, prospective or contingent—
               (i) in any profits, assets or realization of any financial or business undertaking or scheme whether in the Territory or elsewhere;
               (ii) in any common enterprise, whether in the Territory or elsewhere, in relation to which the holder of the right or interest is led to expect profits, rent or interest from the efforts of the promoter of the enterprise or a third party; or
               (iii) in any investment contract,
           whether or not the right or interest is evidenced by a formal document and whether or not the right or interest relates to a physical asset, but does not include—
               (iv) any share in, or debenture of, a corporation;
               (v) any interest in, or arising out of, a policy of life insurance;

               (vi) an interest in a partnership agreement, unless the agreement or proposed agreement—
                  (A) relates to an undertaking, scheme, enterprise or investment contract promoted by or on behalf of a person whose ordinary business is or includes the promotion of similar undertakings, schemes, enterprises or investment contracts, whether or not that person is, or is to become, a party to the agreement or proposed agreement; or
                  (B) is or would be an agreement, or is or would be within a class of agreements, prescribed by the regulations for the purposes of this sub-paragraph; or
               (vii) a right or interest, or a right or interest included in a class or kind of rights or interests, declared by the regulations to be an exempt right or interest, or a class or kind of exempt rights or interests;"; and
(b) by inserting after the definition of "stock market" in sub-section (1) the following definition:
     " 'time-sharing scheme' means a scheme, undertaking or enterprise—
          (a) participants in which are, or may become, entitled to use, occupy or possess, for 2 or more periods during the period for which the scheme, undertaking or enterprise is to operate, property to which the