Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The following table sets out who is a member of various entities.
Item | Entity | |
1 | company | a member of the company or a stockholder in the company |
2 | a partner in the partnership | |
3 | trust (except a * public trading trust) | a beneficiary, unitholder or object of the trust |
5 | a unitholder of the trust | |
(2) If 2 or more entities jointly hold interests or rights that give rise to membership of another entity, each of them is a member of the other entity.
(3) An entity is not a member of another entity just because the entity holds one or more interests or rights relating to the other entity that are * debt interests. This subsection has effect despite subsections (1) and (2) of this section.
Example: An entity is not a member of a company as defined in this section merely because it is a member of the company in the ordinary sense of the term because it holds a finance share in the company, if the finance share is a debt interest. However, if the entity holds other shares in the company that are not debt interests, it will be a member because of those other shares.