147 What are the “land holdings” of a
(1) For the purposes of this Chapter, a land holding is an
interest in land other than the estate or interest of a mortgagee, chargee or
other secured creditor, subject to this section.
(2) An interest in land is a land holding of a unit trust scheme only
to the extent that the interest is held by the trustee of the unit trust
scheme in its capacity as trustee of the scheme, by a custodian of the trustee
of the unit trust scheme in its capacity as custodian or by a sub-custodian of
the custodian of the trustee of the unit trust scheme in its capacity as
(3) An interest in land is not a land holding of a company if the
company holds the land on trust, but only if the company is not a beneficiary
of the trust.
(4) This section is in aid of, but does not limit, the operation of
any provision of this Chapter providing for constructive ownership of
Note. In relation to interests in land, see also clause 4 of the