(1) For the purposes
of sections 163 and 164 the following persons or entities are
related persons —
(a)
individuals who are spouses, or de facto partners, of each other;
(b)
individuals between whom the relationship is that of parent and child;
(c)
related corporations;
(d) a
trustee and another trustee if there is any beneficiary common to the trusts
of which they are trustees, whether the beneficiary has a vested share or is
contingently entitled or is a potential beneficiary under a discretionary
trust;
(e) an
individual and a corporation if the individual is a majority shareholder,
director or secretary of the corporation or a related corporation;
(f) an
individual and a trustee if the individual is a beneficiary under the trust of
which the trustee is a trustee, whether the person has a vested share or is
contingently entitled or is a potential beneficiary under a discretionary
trust;
(g) a
corporation and a trustee if —
(i)
the corporation or a majority shareholder, director or
secretary of the corporation is a beneficiary under the trust of which the
trustee is a trustee; or
(ii)
a related corporation to the corporation is a beneficiary
under the trust of which the trustee is a trustee,
whether the
beneficiary has a vested share or is contingently entitled or is a potential
beneficiary under a discretionary trust;
(h)
persons or entities that acquire interests in a landholder by virtue of
acquisitions that together form or arise from substantially one transaction or
one series of transactions;
(i)
persons or entities that acquire interests in a
landholder by virtue of acquisitions that arise from those persons or entities
acting in concert with each other.
(2) If the
Commissioner is satisfied, in the case of a particular acquisition of an
interest in an entity, that subsection (3) applies to persons, other than
related corporations, that would otherwise be related persons under
subsection (1), the Commissioner may determine that, despite that
subsection, the persons are not related persons for the purposes of
sections 163 and 164.
(3) This subsection
applies to persons if —
(a) they
are not acting in concert with each other in respect of the acquisition; and
(b)
their interests in the entity —
(i)
were acquired independently and are, and will be,
employed independently; and
(ii)
were not acquired for a common purpose and are not, and
will not be, employed for a common purpose.
Subdivision 2 — Relevant acquisitions