Western Australian Numbered Acts Western Australian Numbered Acts (1) In this
section —
“proprietor of a business” means a
person that has an interest in a landholder or other entity that carries on a
business.
(2) It is an exception
to section 177(2) if the call option and the put option are for, and only
for, the purpose of obtaining finance or making other financial arrangements.
(3) It is also an
exception to section 177(2) if the call option and the put option form
part of a scheme of call options and put options given by the proprietors of a
business that —
(a) are
for, and only for, the purpose of facilitating the continuation of the
business by one or some of those proprietors (the "continuing proprietor or
proprietors” ); and
(b) are
not exercisable except on the occurrence of an event specified in them that
would cause the continuing proprietor or proprietors to seek to acquire the
interest of another of the proprietors.