New Zealand Legislation: Bills

12 Returns of capital: off-market share cancellations

• (1) In section CD 22(9),—

  • (a) in the definition of counted associate, paragraph (b), “is a beneficiary” is replaced by “has benefited or is eligible to benefit”:

  • (b) in the definition of non-participating redeemable share, paragraph (b)(iii), “; or” is replaced by “or section FA 2B(2) (Stapled debt securities); or”.

  (2) Subsection (1)(a) applies for the 2010–11 and later income years.