Section CD 31 — Income Tax Act 2007: Flat-owning companies

CD 31 Flat-owning companies Occupation rights (1) If a flat-owning company makes residential property available to a person, that is not a dividend. Meaning of flat-owning company (2) In this section, flat-owning company means a company— (a) whose constitution provides that every registered shareholder is entitled to the use of a specific residential property in New Zealand owned by the company; and (b) whose only significant assets are residential properties available for use by specific shareholders and funds reserved for meeting the company’s costs. Defined in this Act: company , dividend , flat-owning company , New Zealand , shareholder Compare: 2004 No 35 s CD 22