THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

PART 5C.9 - WINDING UP

SECTION 601NC   WINDING UP IF SCHEME'S PURPOSE ACCOMPLISHED OR CANNOT BE ACCOMPLISHED  

601NC(1)  (Winding up)  

If the responsible entity of a registered scheme considers that the purpose of the scheme:

(a)  has been accomplished; or

(b)  cannot be accomplished;

it may, in accordance with this section, take steps to wind up the scheme.

601NC(2)  (Notice)  

The responsible entity must give to the members of the scheme and to ASIC a notice in writing:

(a)  explaining the proposal to wind up the scheme, including explaining how the scheme's purpose has been accomplished or why that purpose cannot be accomplished; and

(b)  informing the members of their rights to take action under Division 1 of Part 2G.4 for the calling of a members' meeting to consider the proposed winding up of the scheme and to vote on any extraordinary resolution members propose about the winding up of the scheme; and

(c)  informing the members that the responsible entity is permitted to wind up the scheme unless a meeting is called to consider the proposed winding up of the scheme within 28 days of the responsible entity giving the notice to the members.

601NC(3)  [No meeting called]  

If no meeting is called within that 28 days to consider the proposed winding up, the responsible entity may wind up the scheme.