Corporations Act 2001
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Hide history noteThe responsible entity of the registered scheme may lodge an application for deregistration of the scheme with ASIC.
The responsible entity may only apply if:
(a) the scheme:
(i) has 20 or less members (calculated in accordance with subsection 601ED(4) ) and all the members agree that the scheme should be deregistered; and
(ii) is not required to be registered by paragraph 601ED(1)(b) or (c); or
(b) because of subsection 601ED(2) (exemption based on Division 2 of Part 7.9 not applying), the scheme is not required to be registered and all the members agree that the scheme should be deregistered; or
(c) the scheme is not a managed investment scheme.
If ASIC is satisfied that the application complies with subsections (1) and (2), it must give notice of the proposed deregistration:
(a) on the national database; and
(b) in the Gazette .
When 2 months have passed since the Gazette notice, ASIC may deregister the scheme.
[ CCH Note 1: S 601PA(3) will be amended by No 69 of 2020, s 3, Sch 1[978], by substituting " deregistration to the Registrar and the responsible entity " all the words after " proposed " , (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 601PA(3A) and (3B) will be inserted by No 69 of 2020, s 3, Sch 1[979] (effective 22 June 2022 or a day or days to be fixed by Proclamation). S 601PA(3A) and (3B) will read:
601PA(3A)
The Registrar must make a record, of the proposed deregistration, and make the notice available to the public.
601PA(3B)
Two months after the notice is made available, ASIC may deregister the scheme.]
ASIC must give notice of the deregistration to the applicant.
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