Corporations Act 2001
If the responsible entity of a registered scheme considers that the purpose of the scheme:
(a) has been accomplished; or
(b) cannot be accomplished;
it may, in accordance with this section, take steps to wind up the scheme.601NC(2)
The responsible entity must give to the members of the scheme and to ASIC a notice in writing:
(a) explaining the proposal to wind up the scheme, including explaining how the scheme ' s purpose has been accomplished or why that purpose cannot be accomplished; and
(b) informing the members of their rights to take action under Division 1 of Part 2G.4 for the calling of a members ' meeting to consider the proposed winding up of the scheme and to vote on any extraordinary resolution members propose about the winding up of the scheme; and
(c) informing the members that the responsible entity is permitted to wind up the scheme unless a meeting is called to consider the proposed winding up of the scheme within 28 days of the responsible entity giving the notice to the members.
[ CCH Note 1: S 601NC(2) will be amended by No 69 of 2020, s 3, Sch 1, by substituting " the Registrar " for " ASIC " , (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 601NC(2A) will be inserted by No 69 of 2020, s 3, Sch 1 (effective 22 June 2022 or a day or days to be fixed by Proclamation). S 601NC(2A) will read:
The giving of the notice to the Registrar must meet any requirements of the data standards.]
If no meeting is called within that 28 days to consider the proposed winding up, the responsible entity may wind up the scheme.