Corporations Act 2001
CHAPTER 5C
-
MANAGED INVESTMENT SCHEMES
PART 5C.6
-
MEMBERS' RIGHTS TO WITHDRAW FROM A SCHEME
SECTION 601KE
NON-LIQUID SCHEMES
-
RESPONSIBLE ENTITY MAY CANCEL WITHDRAWAL OFFER
601KE(1)
The responsible entity of a registered scheme that is not liquid:
(a) may cancel a withdrawal offer before it closes if the offer contains a material error; or
(b) must cancel a withdrawal offer before it closes if it is in the best interests of members to do so. 601KE(2)
The cancellation must be made:
(a) if the constitution specifies procedures for cancelling the withdrawal offer - in accordance with those procedures; or
(b) otherwise - by notice in writing to the members to whom the withdrawal offer was made. 601KE(3)
The responsible entity must lodge written notice of the cancellation with ASIC.
The responsible entity of a registered scheme that is not liquid:
(a) may cancel a withdrawal offer before it closes if the offer contains a material error; or
(b) must cancel a withdrawal offer before it closes if it is in the best interests of members to do so. 601KE(2)
The cancellation must be made:
(a) if the constitution specifies procedures for cancelling the withdrawal offer - in accordance with those procedures; or
(b) otherwise - by notice in writing to the members to whom the withdrawal offer was made. 601KE(3)
The responsible entity must lodge written notice of the cancellation with ASIC.
[ CCH Note: S 601KE(3) will be amended by No 69 of 2020, s 3, Sch 1[975], by substituting " the Registrar. The notice must meet any requirements of the data standards. " for " ASIC. " , (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.