Western Australian Consolidated Acts Western Australian Consolidated Acts (1) For the purposes
of section 73D(4), a unit trustee who has a majority interest in a
company that is beneficially entitled to land and chattels (as defined in
section 76) situated in Western Australia is taken to hold an undivided
share in the land and chattels to the extent provided in subsection (2).
(2) The extent of the
undivided share in land and chattels referred to in subsection (1) is the
same proportion of the value of the land and chattels situated in Western
Australia to which the company is beneficially entitled as the proportion of
the property of the company which the trustee would be entitled to claim in a
distribution of property, as provided in section 76(5), if the company
were to be wound up at the time of the disposition effected or evidenced by
the relevant transfer or instrument.
(3) For the purposes
of this section —
(a)
company means a company to which Division 2 or 3a of Part IIIBA
applies or a corporation to which Division 3 or 3b of that Part
applies; and
(b) a
unit trustee has a majority interest in a company if he would be entitled, if
the company were to be wound up at the time of the disposition effected or
evidenced by the relevant transfer or instrument, to participate (otherwise
than as a creditor, or other person to whom the company is liable) in a
distribution of the property of the company, as provided in
section 76(5), to an extent greater than 50% of the value of the property
distributable otherwise than to creditors, or other persons to whom the
company is liable.
[Section 73DA inserted by No. 33 of 1987
s. 20; amended by No. 22 of 1998 s. 35; No. 60 of 2000
s. 20(2); No. 2 of 2003 s. 55; No. 11 of 2004 s. 12.]