THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

PART 5C.2 - THE RESPONSIBLE ENTITY

Division 1 - Responsibilities and powers

SECTION 601FG   ACQUISITION OF INTEREST IN SCHEME BY RESPONSIBLE ENTITY  

601FG     The responsible entity of a registered scheme may acquire and hold an interest in the scheme, but it must only do so:

(a)  for not less than the consideration that would be payable if the interest were acquired by another person; and

(b)  subject to terms and conditions that would not disadvantage other members.

Note 1:

If the responsible entity holds an interest in the scheme, it does so subject to section 253E (certain members cannot vote or be counted).

Note 2:

This section is a civil penalty provision as defined in section 1317DA and Part 9.4B provides for civil and criminal consequences of contravening it.