Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:1_79:p19
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 1 cl 79 (pt 19/25)
Character Range: 78466–81084

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 165‑207 and the one mentioned in section 166‑225.

166‑260  Depository entities holding stakes 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) have 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, 166‑245 or 166‑255, 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 one or more *depository entities (see subsection (3)); and
 (f) a law of a foreign country, or a part of a foreign country, in which the approved stock exchange is located, prevents the disclosure of the beneficial owners of some or all of those shares that are held by the depository entities; and
 (g) the beneficial owners of some or all of the shares held by the depository entities have not been disclosed to the foreign listed company.

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

Note 2: This rule might not apply in all circumstances: see sections 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 *shares held by a *depository entity whose owners have not been disclosed, the depository entity:
 (a) controls, or is able to control, the voting power in the tested company that is carried by those shares at that time; and
 (b) *indirectly had