Foreign Acquisitions and Takeovers Act 1975

PART 1 - PRELIMINARY  

Division 2 - Definitions  

Subdivision B - Some defined terms and rules of interpretation  

SECTION 9   MEANING OF INTEREST IN A SECURITY  

9(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).

9(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).

9(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

9(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.

9(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

9(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.