Income Tax Assessment Act 1936

SCHEDULE 2H - DEMUTUALISATION OF MUTUAL ENTITIES OTHER THAN INSURANCE COMPANIES AND HEALTH INSURERS  

Division 326 - DEMUTUALISATION  

Subdivision 326-A - Application, key concepts and related expressions  

SECTION 326-30   EXISTING MEMBERS AND NEW MEMBERS  

326-30(1)  
An existing member of a mutual entity that demutualises is:


(a) a person who was a member of the entity on the earlier of the following days:


(i) the demutualisation resolution day;

(ii) the share allocation cut-off day; or


(b) a person who became entitled to an allocation of demutualisation shares because of the death of a person referred to in paragraph (a).

326-30(2)  
If the members of a mutual entity that is being demutualised have passed or pass a resolution to the effect that any person who became or becomes a member after a specified day is not entitled to an allocation of demutualisation shares, that day is the share allocation cut-off day in relation to the demutualisation of the entity.

326-30(3)  
A new member of a mutual entity that demutualises is a person who is a member of the entity other than an existing member.

326-30(4)  
A reference to a member of a mutual entity that demutualises is taken, unless the contrary intention appears, to be a reference to a person who is an existing member or a new member of the entity.


 

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