THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

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

SECTION 601KE   NON-LIQUID SCHEMES - RESPONSIBLE ENTITY MAY CANCEL WITHDRAWAL OFFER  

601KE(1)  [Cancellation of offer]  

The responsible entity of a registered scheme that is not liquid:

(a)  may cancel a withdrawal offer before it closes if the offer contains a material error; or

(b)  must cancel a withdrawal offer before it closes if it is in the best interests of members to do so.

601KE(2)  [Method of cancellation]  

The cancellation must be made:

(a)  if the constitution specifies procedures for cancelling the withdrawal offer - in accordance with those procedures; or

(b)  otherwise - by notice in writing to the members to whom the withdrawal offer was made.

601KE(3)  [Lodgment with ASIC]  

The responsible entity must lodge written notice of the cancellation with ASIC.


 

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