Western Australian Numbered Acts Western Australian Numbered Acts (1) In this Division
—
“call option” means the right referred
to in subsection (2)(a);
“option property” means —
(a) the
dutiable property to which the call option applies; or
(b) if
the put option applies only to a part of the dutiable property to which the
call option applies, that part of the dutiable property;
“put option” means the right referred
to in subsection (2)(b).
(2) Subject to
subsection (3), a put option and a call option constitute a simultaneous
put and call option if, at the same time —
(a) a
person ("A") has a right to require another person ("B") to sell dutiable
property to A, or to a person that has an agreement, arrangement or
understanding with A relating to the dutiable property; and
(b) B
has a right to require A, or a person referred to in paragraph (a), to
purchase —
(i)
the dutiable property; or
(ii)
a part of the dutiable property; or
(iii)
property that includes the dutiable property,
from B.
(3) For the purposes
of subsection (2), it is irrelevant when the call option or the put
option is exercisable.
Subdivision 2 — Simultaneous put and call options