Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person holds or acquires an interest in a security if he or she has any legal or equitable interest in that security.
Note 1: For other rules relating to interests in securities, see sections 13 to 15.
Note 2: See also section 19 (tracing of substantial interests in corporations, trusts and unincorporated limited partnerships).
(2) Without limiting subsection (1), a person holds or acquires an interest in a security in an entity if:
(a) the person is not the registered holder of the security; and
(b) the person is entitled to exercise or control the exercise of a right attached to the security (other than because he or she was appointed as a proxy or representative).
(3) In determining whether a person holds or acquires an interest in a security, it is immaterial that the interest cannot be related to a particular security.
Issued shares in a corporation
(4) A person holds or acquires an interest in the issued shares in a corporation if:
(a) all or part of the share capital of the corporation consists of stock; and
(b) the person holds an interest in that stock.
(5) For the purposes of this Act, the issued shares are taken to have:
(a) the same nominal amount as the amount of that stock; and
(b) the same rights attached to them as are attached to that stock.
Buying - back securities
(6) The buying - back of a security in an entity by the entity does not constitute an acquisition by the entity of an interest in a security in the entity.