the scheme meets the criteria for registration as a wholesale unit trust scheme. (2) The criteria for registration as a wholesale unit trust scheme are— (a) the scheme was not established for a particular investor; and (b) either— (i) the trustee of the scheme, as trustee, holds directly or indirectly an interest in not less than 3 parcels of land (whether in or outside Victoria), and at least 2 of those interests each have an unencumbered value of $10 000 000 or more; or (ii) at least 6 of the unit holders in the scheme who are not associated persons each have a subscription under the scheme of not less than $3 000 000; and (c) not less than 70% of the units in the scheme are held by qualified investors; and (d) no qualified investor, either alone or together with associated persons, holds 50% or more of the units in the scheme; and (e) registration is not being sought for the purpose of, or as part of a scheme or arrangement with a collateral purpose of, avoiding or reducing duty otherwise chargeable under this Part. (3) For the purposes of subsection (2)(b)(i), the Commissioner may treat 2 or more parcels of
the scheme meets the criteria for registration as a wholesale unit trust scheme. (2) The criteria for registration as a wholesale unit trust scheme are— (a) the scheme was not established for a particular investor; and (b) either— (i) the trustee of the scheme, as trustee, holds directly or indirectly an interest in not less than 3 parcels of land (whether in or outside Victoria), and at least 2 of those interests each have an unencumbered value of $10 000 000 or more; or (ii) at least 6 of the unit holders in the scheme who are not associated persons each have a subscription under the scheme of not less than $3 000 000; and (c) not less than 70% of the units in the scheme are held by qualified investors; and (d) no qualified investor, either alone or together with associated persons, holds 50% or more of the units in the scheme; and (e) registration is not being sought for the purpose of, or as part of a scheme or arrangement with a collateral purpose of, avoiding or reducing duty otherwise chargeable under this Part. (3) For the purposes of subsection (2)(b)(i), the Commissioner may treat 2 or more parcels of
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