Document ID: chunk:federal_register_of_legislation:C2010C00584:clause:3_139dr
Version: federal_register_of_legislation:C2010C00584
Segment Type: clause
Provision Reference: sch 3 cl 139DR
Character Range: 31494–32928

139DR  Conditions for the continuation of shares or rights

 (1) The first condition is that, immediately before the takeover or restructure, the taxpayer held shares or rights in the old company under an employee share scheme.

 (2) The second condition is that, at or about the time the taxpayer acquires the matching shares or rights, the taxpayer is an employee of:
 (a) the new company; or
 (b) a holding company of the new company; or
 (c) a subsidiary of the new company or of a holding company of the new company.

 (3) The third condition is that:
 (a) to the extent that the matching shares or rights are shares, they are ordinary shares; or
 (b) to the extent that the matching shares or rights are rights, they are rights to acquire ordinary shares.

 (4) The fourth condition is that, if subsection 139DQ(1) did not apply, the cessation time, for the shares or rights in the old company to which the matching shares or rights relate, would occur as a result of the takeover or restructure.

 (5) The fifth condition is that, at the time the taxpayer acquires the matching shares or rights, the taxpayer does not hold a legal or beneficial interest in more than 5% of the shares of the new company.

 (6) The sixth condition is that, at that time, the taxpayer is not in a position to cast, or control the casting of, more than 5% of the maximum number of votes that may be cast at a general meeting of the new company.