Document ID: chunk:federal_register_of_legislation:C2015A00130:clause:4_1:p3
Version: federal_register_of_legislation:C2015A00130
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 3/4)
Character Range: 59014–61806

at the test time.

167‑35  Fixing rights if impracticable to work out market values etc.
 (1) Each remaining *share is treated at the test time as carrying such a percentage of the rights to receive *dividends, and capital distributions, from the company as is reasonable worked out:
 (a) at the test time; and
 (b) having regard to the purpose of the unsatisfied condition.
 (2) In working out what is reasonable for subsection (1), have regard to the following:
 (a) the company's *constitution;
 (b) any agreements between the company and either or both of the following:
 (i) any or all of the shareholders in the company;
 (ii) any or all of the *associates of a shareholder in the company;
 (c) any statement by the company of its policy in paying *dividends or making capital distributions;
 (d) the ability of an entity to control (whether directly, or indirectly through one or more interposed entities) how the company pays dividends or makes capital distributions;
 (e) how the company has previously paid dividends or made capital distributions;
 (f) whether all classes of *shares carry substantially the same rights to receive dividends and capital distributions;
 (g) the principle that:
 (i) a *tax loss or bad debt should only be deductible; and
 (ii) a *net capital loss should only be applied;
  if a majority of the persons entitled to the benefits of dividend and capital distributions of the company is maintained.

167‑40  The valuing times for conditions listed in subsection 167‑10(1)
 (1) For the purposes of subsection 167‑25(2), the valuing times for the test period are:
 (a) the time the test period starts; and
 (b) the time just before, and the time just after, any of the following events that happen during the test period:
 (i) the issue of *shares of a class of remaining shares;
 (ii) the variation of rights attached to any remaining shares to receive *dividends or capital distributions;
 (iii) the redemption or cancellation of any remaining shares; and
 (c) the time the test period ends.
 (2) For paragraph (1)(b), disregard a time if it is outside the test period.

Subdivision 167‑B—Voting power

Guide to Subdivision 167‑B

167‑75  What this Subdivision is about

      Companies whose shares:
             (a) do not all carry the same voting rights; or
             (b) do not carry all of the voting rights in the company;
      may test the possession of voting rights similarly to companies whose shares are all of a single class with the same rights.

Table of sections

Operative provisions
167‑80 When this Subdivision applies
167‑85 Different method for working out voting power
167‑90 Dual listed companies

Operative provisions

167‑80  When this Subdivision applies
 (1) For the purposes of this Part, voting power in a company at one