Managed Investments Act 1998 (62 of 1998)

Schedule 2  

Part 1   Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989

175   After section 1343

Insert in Part 9.7:

1343A Disposal of interests in registered scheme if whereabouts of member unknown

If, during a period of at least 6 years while a person has been shown in the register of members of a registered scheme as the holder of interests in the scheme:

(a) the responsible entity has had reasonable grounds for believing that the person was not residing at the address shown in the register as their address; and

(b) the responsible entity's attempts to communicate with the person have been made using reasonable diligence but have all been unsuccessful;

the responsible entity may, by executing a transfer for and on behalf of the person, transfer the interests and any rights in respect of them to the ASC to be dealt with under this Part.