Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:2_4:p5
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 2 cl 4 (pt 5/5)
Character Range: 75773–77743

voting rights in the company.

 (4) This subsection applies to a trust if an individual owns, or up to 20 individuals own between them, directly or indirectly (through one or more interposed entities) and for their own benefit, units or other fixed interests in the trust:
 (a) carrying *fixed entitlements to:
 (i) at least 75% of the trust's income; or
 (ii) at least 75% of the trust's capital; or
 (b) if beneficiaries of the trust have a right to vote in respect of activities of the trust—carrying at least 75% of those voting rights.

Possible variation of rights etc.

 (5) This subsection applies to a company or trust if, because of:
 (a) any provision in the entity's constituent document, or in any contract, agreement or instrument:
 (i) authorising the variation or abrogation of rights attaching to any of the *shares, units or other fixed interests in the entity; or
 (ii) relating to the conversion, cancellation, extinguishment or redemption of any of those interests; or
 (b) any contract, *arrangement, option or instrument under which a person has power to acquire any of those interests; or
 (c) any power, authority or discretion in a person in relation to the rights attaching to any of those shares, units or interests;
it is reasonable to conclude that the rights attaching to any of those interests are capable of being varied or abrogated in such a way (even if they are not in fact varied or abrogated in that way) that, directly or indirectly, subsection (3) or (4) would apply to the entity.

Single individual

 (6) For the purposes of subsections (3) and (4), all of the following are taken to be a single individual:
 (a) an individual, whether or not the individual holds *shares, units or other interests in the entity concerned;
 (b) the individual's *associates;
 (c) for any shares, units or interests in respect of which other individuals are nominees of the individual or of the individual's associates—those other individuals.