ASIC Corporations (Real Estate Companies) Instrument 2015/1049 (Cth)

ASIC Corporations (Real Estate Companies) Instrument 2015/1049 I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 10 November 2015

Grant Moodie

Contents

Part 1—Preliminary 1 Name of legislative instrument..................................... 2 Commencement................................................ 3 Authority..................................................... 4 Definitions.................................................... Part 2—Exemptions 5 Shares in real estate companies....................................

Part 1—Preliminary

1 Name of legislative instrument This instrument is ASIC Corporations (Real Estate Companies) Instrument 2015/1049.

2 Commencement This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments. Note: The register may be accessed at www.comlaw.gov.au.

3 Authority This instrument is made under section 741 and subsection 926A(2) of the Corporations Act 2001.

4 Definitions In this instrument: Act means the Corporations Act 2001. eligible shares, in relation to a real estate company, means shares in the real estate company other than shares which entitle the holder to an interest in a time-sharing scheme. licensed real estate agent means a person licensed as a real estate agent in a State or Territory in this jurisdiction. property means land in relation to which a real estate company is the owner or lessee under a Crown lease. real estate company means a company, other than a company included in the official list of a prescribed financial market, that satisfies any of the following paragraphs: (a) a company that is the owner of property, or the registered lessee of property under a Crown lease granted for a period of not less than 99 years, on which a building divided into separate areas and areas for common use is erected, where: (i) the shareholders of the company are entitled, because of the shares they hold in the company, to the exclusive occupation of one or more of those areas and to the use of any common areas; and (ii) either: (A) the company's constitution prohibits the payment of any income or dividend to shareholders other than on the winding up of the company; or (B) the company operates principally for the purpose of facilitating and enforcing the rights of shareholders in relation to exclusive occupation of those areas and maintaining any common areas; (b) a company that is a service company, in respect of a building subdivision, within the meaning of the Transfer of Land Act 1958 of Victoria (commonly known as stratum title companies); (c) a company of the type described in section 5.10(4) of the repealed Local Government (Planning and Environment) Act 1990 of Queensland (commonly known as lake title companies); (d) a company that is the owner of property which adjoins property owned by its shareholders and is subject to easements of right of way in favour of those adjoining properties (commonly known in Queensland as court title companies). vendor means a person, being an owner of shares in a real estate company, who proposes to sell the shares.