THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

PART 5C.10 - DEREGISTRATION

SECTION 601PA   DEREGISTRATION - VOLUNTARY  

601PA(1)  Responsible entity may apply for deregistration.  

The responsible entity of a registered scheme may lodge an application for deregistration of the scheme with ASIC.)

601PA(2)  (Criteria)  

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 Chapter 6D 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.

601PA(3)  [Deregistration]  

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.

601PA(4)  [Notice]  

ASIC must give notice of the deregistration to the applicant.