Commonwealth Numbered Regulations

1992 No. 281 CORPORATIONS REGULATIONS (AMENDMENT) - REG 6

  6.1   After regulation 7.12.12, insert:
Exemption from Division 5A of Part 7.12 of the Corporations Law: unlisted
property trusts

"7.12.12A. (1) In this regulation:
'approved deed' means an approved deed for the purposes of section 1066 of the
Corporations Law;
'property securities trust' means a trust that invests predominantly in
property securities and:

   (a)  that does not hold property of which 20% or more by value is, or is
        likely to be, real property; or

   (b)  that has not been, or is not, being promoted as, or held out to be, a
        trust of which a significant proportion (being not less than 20% by
        value) of the trust property is, or is likely to be, real property;

"(2) Division 5A of Part 7.12 of the Corporations Law does not apply to a
property securities trust that is a property trust only because:

   (a)  at least 20% by value of the trust property consists of estates in
        land derived from prescribed interests made available under a trust
        deed that is, or at any time has been, an approved deed; or

   (b)  at least 20% by value of the trust property consists of estates in
        land only because estates in land derived from prescribed interests
        which have been, or will be, made available under a trust deed that
        is, or at any time has been, an approved deed, are taken into account;
        or

   (c)  the trust:

        (i)    is being, or has been, promoted as; or

        (ii)   is being, or has been, held out to be; a trust of which at
               least 20% by value of the trust property is to consist of
               estates in land derived from prescribed interests that have
               been, or will be, made available under a trust deed that is, or
               at any time has been, an approved deed; or

   (d)  the trust:

        (i)    is being, or has been, promoted as; or

        (ii)   is being, or has been, held out to be; a trust of which at
               least 20% by value of the trust property is to consist of
               estates in land only because of estates in land derived from
               prescribed interests that have been, or will be, made available
               under a trust deed that is, or at any time has been, an
               approved deed are taken into account.

"(3) The purpose of this regulation is to avoid doubt as to the effect of
Division 5a of Part 7.12 of the Corporations Law, and this regulation is not
to be taken to affect, by implication, the interpretation of any other
provision of that Law.".