Document ID: chunk:federal_register_of_legislation:C2007A00117:clause:2_2
Version: federal_register_of_legislation:C2007A00117
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 25146–26334

2  At the end of Subdivision 202‑C of Division 202
Add:

202‑47  Distributions of certain ADI profits following restructure

 (1) This section applies to an amount paid by a body corporate if:
 (a) the body corporate is a non‑operating holding company within the meaning of the Financial Sector (Business Transfer and Group Restructure) Act 1999; and
 (b) a restructure instrument under Part 4A of that Act is in force in relation to the body; and
 (c) because of the restructure to which the instrument relates, an *ADI becomes a subsidiary (within the meaning of that Act) of the body; and
 (d) the amount is sourced, directly or indirectly, from the profits of the ADI before the restructure instrument came into force; and
 (e) the amount would have been a *frankable distribution if it had been distributed by the ADI before the restructure instrument came into force.

 (2) The amount:
 (a) is taken to be a dividend paid by the body, for the purposes of this Act (and so is a *distribution by the body); and
 (b) is not taken to be an *unfrankable distribution by the body just because of paragraph 202‑45(e) (which makes distributions from *share capital accounts unfrankable).