Corporations Act 2001

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(1)    
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: If the responsible entity holds an interest in the scheme, it does so subject to section 253E (certain members cannot vote or be counted).

601FG(2)    

A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity ' s contravention of that subsection, contravenes this subsection.

Note 1: Section 79 defines involved .

Note 2: Subsection (2) is a civil penalty provision (see section 1317E ).

601FG(3)    

A person must not intentionally be involved in a responsible entity ' s contravention of subsection (1) .