Corporations Act 2001
ASIC may decide to deregister the registered scheme if:
(a) the scheme does not have a responsible entity that meets the requirements of section 601FA ; or
(b) the scheme does not have a constitution that meets the requirements of sections 601GA and 601GB ; or
(c) the scheme does not have a compliance plan that meets the requirements of section 601HA ; or
(d) the scheme ' s property is not being:
(i) clearly identified as the scheme ' s property; and
in accordance with the scheme ' s compliance plan; or
(ii) held separately from property of the responsible entity and property of any other scheme;
(e) the following conditions are satisfied:
(i) the response to a return of particulars given to the responsible entity of the scheme is at least 6 months late; and
(ii) no other documents have been lodged by or on behalf of the scheme in the last 18 months; and
(iii) ASIC has no reason to believe that the scheme is being operated; or
(ea) the scheme ' s review fee in respect of a review date has not been paid in full at least 12 months after the due date for payment; or
(f) the scheme has been wound up.
[ CCH Note: S 601PB(1) will be amended by No 69 of 2020, s 3, Sch 1, by inserting " with ASIC or the Registrar " after " lodged " in para (e)(ii) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
If ASIC decides to deregister a scheme under this section, it must give notice of the proposed deregistration:
(a) to the scheme ' s responsible entity; and
(b) to any other person who is winding up the scheme; and
(c) on the national database; and
(d) in the Gazette .
If the notice is given under paragraph (1)(a), (b), (c) or (d), the notice must specify the period at the end of which ASIC proposes to deregister the scheme.
[ CCH Note 1: S 601PB(2) will be amended by No 69 of 2020, s 3, Sch 1, by substituting para (c) (effective 22 June 2022 or a day or days to be fixed by Proclamation). Para (c) will read:
(c) to the Registrar; and]
[ CCH Note 2: S 601PB(2A) will be inserted by No 69 of 2020, s 3, Sch 1 (effective 22 June 2022 or a day or days to be fixed by Proclamation). S 601PB(2A) will read:
The Registrar must, on being notified under paragraph (2)(c), make a record of the proposed deregistration.]
ASIC may deregister the scheme:
(a) if paragraph (1)(a), (b), (c) or (d) applies - at the end of the period set out in the Gazette notice; or
(b) if paragraph (1)(e) or (f) applies - when 2 months have passed since the Gazette notice. 601PB(4)
ASIC does not have to give a person notice under subsection (2) if ASIC does not have the necessary information about the person's address. 601PB(5)
ASIC must give notice of the deregistration to everyone who was notified of the proposed deregistration under paragraph (2)(a) or (b).