Table of sections
960-100 Entities
(1) Entity means any of the following:
(a) an individual;
(b) a body corporate;
(c) a body politic;
(d) a partnership;
(e) any other unincorporated association or body of persons;
(f) a trust;
(g) a superannuation fund.
Note: The term entity is used in a number of different but related senses. It covers all kinds of legal person. It also covers groups of legal persons, and other things, that in practice are treated as having a separate identity in the same way as a legal person does.
(2) The trustee of a trust or of a superannuation fund is taken to be an entity consisting of the person who is the trustee, or the persons who are the trustees, at any given time.
Note: This is because a right or obligation cannot be conferred or imposed on an entity that is not a legal person.
(3) A legal person can have a number of different capacities in which the person does things. In each of those capacities, the person is taken to be a different entity.
Example: In addition to his or her personal capacity, an individual may be:
·
sole trustee of one or more trusts; and·
one of a number of trustees of a further trust.In his or her personal capacity, he or she is one entity. As trustee of each trust, he or she is a different entity. The trustees of the further trust are a different entity again, of which the individual is a member.
(4) If a provision refers to an entity of a particular kind, it refers to the entity in its capacity as that kind of entity, not to that entity in any other capacity.
Example: A provision that refers to a company does not cover a company in a capacity as trustee, unless it also refers to a trustee.
960-220 Meaning of trading
960-225 Abnormal trading
960-230 Abnormal trading—5% of shares or units in one transaction
960-235 Abnormal trading—suspected 5% of shares or units in a series of transactions
960-240 Abnormal trading—suspected acquisition or merger
960-245 Abnormal trading—20% of shares or units traded over 60 day period
There is a trading in *shares in a *listed public company, or in units in a unit trust, if there is an issue, redemption or transfer of, or any other dealing in, those shares or units.
(1) There is an abnormal trading in *shares in a *listed public company, or in units in a unit trust, if a *trading in the shares or units is abnormal having regard to all relevant factors, including these:
(a) the timing of the trading, when compared with the normal timing for trading in the company’s shares or in the trust’s units;
(b) the number of shares or units traded, when compared with the normal number of the company’s shares, or the trust’s units, traded;
(c) any connection between the trading and any other trading in the company’s shares or in the trust’s units;
(d) any connection between the trading and a *tax loss or other deduction of the company or trust.
(2) There may also be an abnormal trading under any of the following provisions.
960-230 Abnormal trading—5% of shares or units in one transaction
There is an abnormal trading in *shares in a *listed public company, or in units in a unit trust, if 5% or more of the shares or units are *traded in one transaction.
960-235 Abnormal trading—suspected 5% of shares or units in a series of transactions
(1) There is an abnormal trading in *shares in a *listed public company, or in units in a unit trust, if the company or trustee knows or reasonably suspects that an entity (or an entity and one or more of the entity’s *associates) has acquired (or redeemed) 5% or more of the shares or units in 2 or more transactions and would not have done so if the company or trust did not have a *tax loss or other deduction.
Time when abnormal trading happens
(2) The *abnormal trading happens at the time of the particular transaction that causes the 5% figure to be exceeded.
960-240 Abnormal trading—suspected acquisition or merger
There is an abnormal trading in *shares in a *listed public company, or in units in a unit trust, if a *trading in those shares or units happens which the company or trustee knows or reasonably suspects is part of an acquisition or merger of the company with another company, or of the trust with another trust.
960-245 Abnormal trading—20% of shares or units traded over 60 day period
(1) There is an abnormal trading in *shares in a *listed public company or units in a unit trust if more than 20% of the shares or units are *traded during a 60 day period.
Time when abnormal trading happens
(2) The *abnormal trading happens at the end of the 60 day period concerned.
[The next Division is Division 975.]