Income Tax Assessment Act 1936
View history note
Hide history noteAn existing member of a mutual entity that demutualises is:
(a) a person who was a member of the entity on the earlier of the following days:
(i) the demutualisation resolution day;
(ii) the share allocation cut-off day; or
(b) a person who became entitled to an allocation of demutualisation shares because of the death of a person referred to in paragraph (a).
326-30(2)
If the members of a mutual entity that is being demutualised have passed or pass a resolution to the effect that any person who became or becomes a member after a specified day is not entitled to an allocation of demutualisation shares, that day is the share allocation cut-off day in relation to the demutualisation of the entity.
326-30(3)
A new member of a mutual entity that demutualises is a person who is a member of the entity other than an existing member.
326-30(4)
A reference to a member of a mutual entity that demutualises is taken, unless the contrary intention appears, to be a reference to a person who is an existing member or a new member of the entity.
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