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).


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.