Western Australian Numbered Acts Western Australian Numbered Acts (1) In this
section —
“corporate consolidation” means the
formation of a
family by the interposition of an entity (the "head entity")
between another entity (the "affected entity") and the holders of the
affected entity’s securities.
(2) Subject to this
section, a "relevant consolidation transaction” is any acquisition on
which landholder duty is chargeable that is made solely for the purposes of a
corporate consolidation and that is —
(a) an
acquisition of securities of the affected entity by the head entity for which
the only consideration given by the head entity is the issue or transfer of
its securities to the person from whom the affected entity’s securities
were acquired; or
(b) an
acquisition of securities of the head entity by a holder of securities of the
affected entity.
(3) An acquisition is
not a "relevant consolidation transaction” if, immediately before the
acquisition, the head entity held dutiable property or a vehicle or an
interest in an entity.
(4) An acquisition is
not a "relevant consolidation transaction” unless, immediately after the
issue or transfer of the head entity’s securities —
(a) each
person that holds those securities (a" security holder” ) is a person
that held securities of the affected entity immediately before the securities
of the affected entity were acquired by the head entity; and
(b) the
proportion of those securities that each security holder holds is the same
proportion as that security holder held of the securities of the
affected entity.