Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An individual acquires a beneficial interest in a * share in a company under an * employee share scheme in circumstances that are relevant for the purposes of paragraphs 208 - 205(b) and 208 - 235(b) if:
(a) all the * ESS interests available for acquisition under the scheme relate to:
(i) ordinary shares; or
(ii) preference shares to which are attached substantially the same rights as are attached to ordinary shares; and
(b) immediately after the individual acquires the interest:
(i) he or she does not hold a beneficial interest in more than 10% of the shares in the company; and
(ii) he or she is not in a position to control, or to control the casting of, more than 10% of the maximum number of votes that might be cast at a general meeting of the company; and
(c) the share is not a * non - equity share.
(2) An individual also acquires a beneficial interest in a * share in a company under an * employee share scheme in circumstances that are relevant for the purposes of paragraphs 208 - 205(b) and 208 - 235(b) if:
(a) the share is part of a stapled security; and
(b) Subdivision 83A - B or 83A - C (about employee share schemes) applies to the beneficial interest in the stapled security.
(3) For the purposes of paragraph (1)(b), you are taken to:
(a) hold a beneficial interest in any * shares in the company that you can acquire under an * ESS interest that is a beneficial interest in a right to acquire a beneficial interest in such shares; and
(b) be in a position to cast votes as a result of holding that interest in those shares.