Document ID: chunk:federal_register_of_legislation:C2004A01344:clause:3_5paa:p4
Version: federal_register_of_legislation:C2004A01344
Segment Type: clause
Provision Reference: sch 3 cl 5PAA (pt 4/5)
Character Range: 50241–52631

that law.

Note: For relevant State land law see subsection 5P(1).

 (9) Subject to subsections (11) and (12), an eligible interest that a person has in a relevant sugarcane farm asset is transferred to another person if, and only if, the eligible interest:
 (a) ceases to be vested in the person; and
 (b) becomes vested in the other person.

 (10) If, as the mortgagor of a legal estate or interest in a sugarcane farm (see paragraph (5)(c)), a person has an eligible interest in the farm, the person is taken to have transferred that eligible interest in the farm to another person only if the person:
 (a) has, under a relevant State land law, become registered as the proprietor (whether that word or any other word is used) of the legal estate or interest in the farm; and
 (b) has then transferred that legal estate or interest to the other person.

 (11) If a person has an eligible interest in a sugarcane farm or a relevant sugarcane farm asset because (see paragraphs (5)(d) and (6)(b)) the person is a shareholder in a proprietary company that has a legal estate or interest in the farm, or a legal interest in the relevant farm asset (as the case may be), the person is taken to have transferred to another person his or her eligible interest in the farm or relevant farm asset only if the person:
 (a) has acquired the company's legal estate or interest in the farm or the company's legal interest in the relevant farm asset; and
 (b) has then transferred it to the other person.

 (12) An eligible interest that a person (the first person) has in a sugarcane farm or a relevant sugarcane farm asset because (see paragraphs (5)(e) and (6)(c)) the value of the first person's assets includes an amount calculated (in accordance with section 52ZZR) by reference to the value of the farm or relevant farm asset is transferred to another person if:
 (a) the first person is divested of that eligible interest; and
 (b) as a result, the other person gains an eligible interest in the farm or relevant farm asset of a value that is referrable to the full value of the eligible interest divested.

 (13) To avoid doubt, if:
 (a) a person is able to transfer an eligible interest under either subsection (11) or (12); and
 (b) the person transfers that interest under subsection (12);
the person is not required to meet the requirements of subsection (11) in relation to the transfer.