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)   [ Acquisition of interest]  

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)   [ Contravention]  

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)   [ Intentional involvement in contravention]  

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


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