147   What are the “land holdings” of a landholder?

(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 sub-custodian.

(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 interests.

Note. In relation to interests in land, see also clause 4 of the Dictionary.