S 124-370 repealed by No 133 of 2014, s 3 and Sch 1 item 10, applicable in relation to shares or units disposed of, redeemed or cancelled at or after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011. S 124-370 formerly read:
SECTION 124-370 Redemption or cancellation of shares in one company for shares in another one
124-370(1)
You can choose to obtain a roll-over if you are a *member of a company (the
original company
) and under a *scheme for reorganising its affairs:
(a)
another company (the
interposed company
) *acquires no more than 5 *shares in the original company; and
(b)
these are the first shares that the interposed company acquires in the original company; and
(c)
you and at least one other entity (the
exchanging members
) own all the remaining shares in the original company; and
(d)
the original company redeems or cancels those remaining shares; and
(e)
each exchanging member receives shares (and nothing else) in the interposed company in return for their shares in the original company being redeemed or cancelled;
Note:
See section
124-20
if an exchanging member uses a share sale facility.
and the requirements in sections
124-375
and
124-380
are satisfied.
Note:
The roll-over consequences are set out in Subdivision
124-A
. The original assets are your shares in the original company. The new assets are your new shares in the interposed company.
History
S 124-370(1) amended by No 12 of 2012, s 3 and Sch 2 item 2, by inserting the note at the end of para (e), applicable to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.
124-370(1A)
You are taken to have chosen to obtain the roll-over if:
(a)
immediately before the time referred to in section
124-375
as the completion time, the original company is the *head company of a *consolidated group; and
(b)
immediately after the completion time, the interposed company is the head company of the group.
Note:
The consolidated group continues in existence because of section
703-70
.
History
S 124-370(1A) inserted by No 117 of 2002.
124-370(2)
The original company can issue other *shares in itself to the interposed company as part of the scheme.
Note:
Some of the interposed company
'
s shares in the original company may be taken to be acquired before 20 September 1985: see section
124-385
.
S 124-370 inserted by No 46 of 1998.
View history note
Hide history note