Corporations Act 2001
CCH Note: Section 601NC 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.
If the responsible entity of a registered scheme considers that the purpose of the scheme: (a) has been accomplished; or (b) cannot be accomplished;
it may, in accordance with this section, take steps to wind up the scheme.
601NC(2)
The responsible entity must give to the members of the scheme and to ASIC a notice in writing: (a) explaining the proposal to wind up the scheme, including explaining how the scheme ' s purpose has been accomplished or why that purpose cannot be accomplished; and (b) informing the members of their rights to take action under Division 1 of Part 2G.4 for the calling of a members ' meeting to consider the proposed winding up of the scheme and to vote on any extraordinary resolution members propose about the winding up of the scheme; and (c) informing the members that the responsible entity is permitted to wind up the scheme unless a meeting is called to consider the proposed winding up of the scheme within 28 days of the responsible entity giving the notice to the members.
[ CCH Note 1: S 601NC(2) will be amended by No 69 of 2020, s 3, Sch 1[976], by substituting " the Registrar " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 601NC(2A) will be inserted by No 69 of 2020, s 3, Sch 1[977] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 601NC(2A) will read:
601NC(2A)
The giving of the notice to the Registrar must meet any requirements of the data standards.]
601NC(3)
If no meeting is called within that 28 days to consider the proposed winding up, the responsible entity may wind up the scheme.
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