Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_79:p9
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 79 (pt 9/25)
Character Range: 54147–56850

than 50% of the company's dividends, see section 165‑155.

Rights to capital distributions

 (4) There must be persons (none of them companies) who had rights to *more than 50% of the company's capital distributions at the start of the *test period. Also, those persons must have had rights to *more than 50% of the company's capital distributions immediately after the other time in the test period.

Note: To work out who had rights to more than 50% of the company's capital distributions, see section 165‑160.

When to apply the test

 (5) To work out whether a condition in this section was satisfied at a time (the ownership test time), apply the alterative test for that condition.

Note: For the alternative test, see subsections 165‑150(2), 165‑155(2) and 165‑160(2).

Conditions in subsections (3) and (4) satisfied by non‑profit and mutual companies

 (6) If the company is:
 (a) a *non‑profit company; or
 (b) a *mutual affiliate company; or
 (c) a *mutual insurance company;
during the whole of the *test period, the conditions in subsections (3) and (4) are taken to have been satisfied by the company.

166‑165  Relationship with rules in Division 165

 (1) The provisions of Subdivision 165‑D (other than section 165‑165) apply for the purposes of the tests in section 166‑145.

 (2) The following provisions apply for the purposes of the tests in section 166‑145 as if the reference to a particular time were a reference to the *ownership test time:
 (a) section 165‑180 (which is about arrangements affecting beneficial ownership of shares);
 (b) subsection 165‑185(2) (which treats some shares as never having carried rights);
 (c) subsection 165‑190(2) (which treats some shares as always having carried rights).

Corporate change in a company

166‑175  Corporate change in a company

Meaning of corporate change

 (1) There is a corporate change in a company if:
 (a) there is a *takeover bid for *shares in the company; or
 (b) there is a scheme of arrangement, involving more than 50% of the company's shares, that has been approved by a court; or
 (c) there is any other arrangement, involving the acquisition of more than 50% of the company's shares, that is regulated under the Corporations Act 2001 or a *foreign law; or
 (d) there is an issue of *shares in the company that results in an increase of 20% or more in:
 (i) the issued share capital of the company; or
 (ii) the number of the company's shares on issue; or
 (e) there is a corporate change in another company which beneficially owns one or more of the following stakes in the first company:
 (i) a *voting stake that carries rights to more than 50% of the voting power of the first company;
 (ii) a *dividend