S 251BB repealed by No 114 of 2009, s 3 and Sch 1 item 7, effective 1 March 2010. S 251BB formerly read:
SECTION 251BB NON-EXEMPT COMPANIES
251BB
For the purposes of this Part, a company shall be taken to be a non-exempt company as at a particular time unless either of the following paragraphs applies:
(a)
all of the following conditions are satisfied:
(i)
the company was registered as a tax agent immediately before the commencement of section 39 of the
Taxation Laws Amendment Act (No. 2) 1988
;
(ii)
the company was registered as a tax agent at all times after that commencement and before that time;
(iii)
at all times after that commencement and before that time, shares in the company carrying between them:
(A)
the right to exercise more than one-half of the voting power in the company;
(B)
the right to receive more than one-half of any dividends that may be paid by the company; and
(C)
the right to receive more than one-half of any distribution of capital of the company;
were beneficially owned by persons who, immediately before that commencement, beneficially owned shares in the company carrying between them rights of those kinds;
(b)
the company is an authorised trustee company.
S 251BB inserted by No 78 of 1988.
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