Corporations Act 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.2 - THE RESPONSIBLE ENTITY  

Division 1 - Responsibilities and powers  

CCH Note: Division 1 is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.

SECTION 601FG   ACQUISITION OF INTEREST IN SCHEME BY RESPONSIBLE ENTITY  

CCH Note: Section 601FG is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Equality of Treatment Impacting on the Acquisition of Scheme Interests and CCIV Shares) Instrument 2023/697; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.

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).

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History

S 601FG(1) (Note 2) repealed and " Note " substituted for " Note 1 " by No 55 of 2001, s 3, Sch 6 [ 12] and [ 13].

601FG(2)    

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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 ).

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History

S 601FG(2) inserted by No 55 of 2001, s 3, Sch 6 [ 14].

601FG(3)    

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

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History

S 601FG(3) inserted by No 55 of 2001, s 3, Sch 6 [ 14].

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