CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5C - MANAGED INVESTMENT SCHEMES
History
Chapter 5C inserted by No 62 of 1998, Sch 1 (effective
1 July 1998).
PART 5C.1 - REGISTRATION OF MANAGED INVESTMENT SCHEMES
History
Part 5C.1 inserted by No 62 of 1998, Sch 1 (effective
1 July 1998).
SECTION 601ED
WHEN A MANAGED INVESTMENT SCHEME MUST BE REGISTERED
601ED(1)
[Criteria for registration]
Subject to subsection
(2), a managed investment scheme must be registered under section
601EB if:
(a)
it has more than 20 members; or
(b)
it was promoted by a person, or an associate of a person, who was, when the scheme was promoted, in the business of promoting managed investment schemes; or
(c)
a determination under subsection
(3) is in force in relation to the scheme and the total number of members of all of the schemes to which the determination relates exceeds 20.
History
S 601ED(1) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601ED(2)
[Excluded issues]
A managed investment scheme does not have to be registered if all the issues of interests in the scheme that have been made did not need disclosure to investors under
Part 6D.2 (see sections
706 and
708) when they were made.
History
S 601ED(2) amended by No 156 of 1999, Sch 3, Pt 1 (effective 13 March 2000).
S 601ED(2) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601ED(3)
[Related schemes]
ASIC may, in writing, determine that a number of managed investment schemes are closely related and that each of them has to be registered at any time when the total number of members of all of the schemes exceeds 20. ASIC must give written notice of the determination to the operator of each of the schemes.
History
S 601ED(3) amended by No 54 of 1998, Sch 6, Pt 2 (effective 1 July 1998).
S 601ED(3) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601ED(4)
[Numbers of members]
For the purpose of this section, when working out how many members a scheme has:
(a)
joint holders of an interest in the scheme count as a single member; and
(b)
an interest in the scheme held on trust for a beneficiary is taken to be held by the beneficiary (rather than the trustee) if:
(i) the beneficiary is presently entitled to a share of the trust estate or of the income of the trust estate; or
(ii) the beneficiary is, individually or together with other beneficiaries, in a position to control the trustee.
History
S 601ED(4) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601ED(5)
[Prohibition]
A person must not operate a managed investment scheme that this section requires to be registered under section
601EB unless the scheme is so registered.
History
S 601ED(5) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601ED(6)
[When person not operating a scheme]
For the purpose of subsection
(5), a person is not operating a scheme merely because:
(a)
they are acting as an agent or employee of another person; or
(b)
they are taking steps to wind up the scheme or remedy a defect that led to the scheme being deregistered.
History
S 601ED(6) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
601ED(7)
[Defence]
A person who would otherwise contravene subsection
(5) because an interest in a scheme is held in trust for 2 or more beneficiaries (see paragraph
(4)(b)) does not contravene that subsection if they prove that they did not know, and had no reason to suspect, that the interest was held in that way.
History
S 601ED(7) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).
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