Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_79:p18
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 79 (pt 18/25)
Character Range: 76112–78705

shares in foreign listed companies

 (1) This section modifies how the ownership tests in section 166‑145 are applied to the tested company if:
 (a) at the *ownership test time, it is the case, or it is reasonable to assume, that persons (none of them companies or trustees) hold a *voting stake, a *dividend stake or a *capital stake in the tested company; and
 (b) an entity has not, under section 166‑225, 166‑230, 166‑240 or 166‑245, been taken to control voting power or have rights in respect of the stake; and
 (c) another company (the foreign listed company) is interposed, at that time, between those persons and the tested company; and
 (d) at all times during the income year of the tested company in which the ownership test time occurs, the *principal class of shares in the foreign listed company is listed for quotation in the official list of an *approved stock exchange; and
 (e) at the ownership test time:
 (i) voting stakes that carry rights to 50% or more of the voting power in the foreign listed company; or
 (ii) dividend stakes that carry rights to receive 50% or more of any dividends that the foreign listed company may pay; or
 (iii) capital stakes that carry rights to receive 50% or more of any distribution of capital of the foreign listed company;
  as the case requires, are directly held by way of bearer shares; and
 (f) the beneficial owners of some or all of those bearer shares have not been disclosed to the foreign listed company.

Note 1: See section 165‑255 for the rule about incomplete test periods.

Note 2: Other rules might affect this provision: see sections 166‑270, 166‑275 and 166‑280.

 (2) The tests are applied to the tested company as if, at the *ownership test time, for each of those bearer shares whose owners have not been disclosed:
 (a) a single notional entity controls, or is able to control, the voting power in the tested company that is carried by those shares at that time; and
 (b) the entity *indirectly had the right to receive, for its own benefit:
 (i) any *dividends the tested company may pay in respect of those shares at that time; and
 (ii) any distributions of capital of the tested company in respect of those shares at that time; and
 (c) the entity were a person (other than a company).

Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166‑265.

 (3) To avoid doubt, the single notional entity mentioned in subsection (2) is a different single notional entity from the one mentioned in section