(1) A unit trustee may apply to the Commissioner in an approved form for registration of a unit trust scheme.

(2) The Commissioner may register the unit trust scheme as a pooled investment trust or an equity trust with effect from the date of the application if the Commissioner is satisfied that ¾

(a) the unit trust scheme is eligible for registration under section 63AB(2) as a pooled investment trust or section 63AB(3) as an equity trust; and

(b) registration is not being used and is not likely to be used as part of a scheme or arrangement with the collateral purpose of avoiding or reducing the duty that otherwise would be or might become payable.

(3) For the purpose of being satisfied as to a matter referred to in subsection (2)(b), the Commissioner may take into account any matter that the Commissioner considers to be relevant.

(4) The Commissioner shall advise the unit trustee whether or not he has registered the unit trust scheme as a pooled investment trust or an equity trust.

(5) If the Commissioner decides not to register a unit trust scheme as a pooled investment trust or an equity trust he must give the unit trustee reasons for his decision.

(6) If the Commissioner decides not to register a unit trust scheme as a pooled investment trust or an equity trust, the unit trustee may challenge the validity or correctness of that decision in accordance with Part 4 of the Taxation Administration Act 2003 as if the unit trustee were a taxpayer and the decision were a decision affecting the trustee's liability to pay duty.

[Section 63AA inserted by No. 36 of 2001 s. 27; amended by No. 2 of 2003 s. 33.]