Document ID: chunk:federal_register_of_legislation:C2004A05097:clause:1_13
Version: federal_register_of_legislation:C2004A05097
Segment Type: clause
Provision Reference: sch 1 cl 13
Character Range: 89346–90797

13  Substantial interests in trust estates

 (1) For the purposes of the ownership provisions:
 (a) a person is taken to hold a substantial interest in a trust estate if the person, alone or together with an associate or associates, holds a beneficial interest in not less than 15% of the corpus or income of the trust estate; and
 (b) 2 or more persons are taken to hold an aggregate substantial interest in a trust estate if the persons, together with an associate or associates, hold, in the aggregate, beneficial interests in not less than 40% of the corpus or income of the trust estate.

 (2) For the purposes of subclause (1), if, under the terms of a trust, a trustee has a power or discretion as to the distribution of the income or corpus of the trust estate to beneficiaries, each beneficiary is taken to hold a beneficial interest in the maximum percentage of income or corpus of the trust estate that the trustee is empowered to distribute to that beneficiary.

[Minister's second reading speech made in—
House of Representatives on 2 May 1996
Senate on 9 May 1996]

I HEREBY CERTIFY that the above is a fair print of the Telstra (Dilution of Public Ownership) Bill 1996 which originated in the House of Representatives and has been finally passed by the Senate and the House of Representatives.

Clerk of the House of Representatives

IN THE NAME OF HER MAJESTY, I assent to this Act.

Governor-General
 December 1996

(15/96)