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property holding vehicle

    188a body corporate which:

      1. (1) is the legal or beneficial owner of an income generating property;
      1. (2) issues debentures which have a fixed maturity date;
      1. (3) issues debentures in a sum which does not exceed the value of the income generating property owned;
      1. (4) issues only one tranche of debentures;
      1. (5) is only engaged with the holding of income generating property and associated activities including the collection of rent or other income from the income generating property and appointing a manager to maintain the income generating property; and
      1. (6) does not enter into any loan agreement whether as the borrower or lender.