THE CORPORATIONS LAW

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

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History

Chapter 5C inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

PART 5C.6 - MEMBERS' RIGHTS TO WITHDRAW FROM A SCHEME

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Part 5C.6 inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

SECTION 601KD   NON-LIQUID SCHEMES - HOW PAYMENTS ARE TO BE MADE  

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601KD     The responsible entity of a registered scheme that is not liquid must ensure that withdrawal requests made in response to a withdrawal offer are satisfied within 21 days after the offer closes. No request made under the withdrawal offer may be satisfied while the offer is still open. If an insufficient amount of money is available from the assets specified in the offer to satisfy all requests, the requests are to be satisfied proportionately in accordance with the formula:

                             Amount member              
        Amount of     x   requests to withdraw          
     money available      --------------------          
                          Total of all amounts          
                           members request to           
                               withdraw                 
      

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S 601KD inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

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