property holding vehicle

a single body corporate which:

189a body corporate which:

1. (1) is the legal or beneficial owner of an income generating property;
2. (2) issues debentures which have a fixed maturity date;
3. (3) issues debentures in a sum which does not exceed the value of the income generating property owned;
4. (4) issues only one tranche of debentures;
5. (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
6. (6) does not enter into any loan agreement whether as the borrower or lender.