S 124-905 repealed by No 109 of 2014, s 3 and Sch 10 item 38, effective 17 October 2014. S 124-905 formerly read:
SECTION 124-905 Qualified licence roll-over (new owner)
124-905(1)
There is a roll-over if:
(a)
a person (the
new owner
) applies for an *Australian financial services licence during the period beginning on 11 March 2002 and ending on 10 March 2004; and
(b)
at the time the application is made, another person (the
original owner
) holds an Australian financial services licence to which section 1434 of the
Corporations Act 2001
applies (the
qualified licence
); and
(c)
the new owner is granted an Australian financial services licence as a result of the application (the
new licence
); and
(d)
if the new licence is granted on or before 10 March 2004
-
the qualified licence is revoked as a result of the new licence being granted to the new owner; and
(e)
if the new licence is granted after 10 March 2004:
(i)
the qualified licence ceases to have effect on 10 March 2004; and
(ii)
if the new licence had been granted on or before 10 March 2004, the qualified licence would have been revoked as a result of the new licence being granted; and
(f)
subsection (2) or (3) applies.
Note:
The period in paragraph (1)(a) may be extended in special circumstances: see section
124-930
. If it is extended, the day in paragraphs (d) and (e) changes too.
124-905(2)
This subsection applies if the new owner and the original owner are members of the same *consolidatable group at the time that the new owner *acquires the new licence.
124-905(3)
This subsection applies if:
(a)
at the time that the new owner *acquires the new licence, all of the following apply:
(i)
the new owner is a company or a trust;
(ii)
if the new owner is a trust
-
*CGT event E4 is capable of applying to all of the units and interests in the trust;
(iii)
all of the *membership interests in the new owner are owned by the original owner; and
(b)
the original owner is an individual who, at the same time as, or just after, the new owner acquires the new licence:
(i)
becomes an authorised representative (within the meaning of section
761A
of the
Corporations Act 2001
) of the new owner; or
(ii)
becomes an employee of the new owner; or
(iii)
becomes a director (within the meaning of the
Corporations Act 2001
) of the new owner.
S 124-905 inserted by No 101 of 2004.
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