Corporations Act 2001
Modifying legislative instruments: The application of Ch 5C is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Asset Holding Standards for Responsible Entities) Instrument 2024/16.
Modifying legislative instruments: The application of Pt 5C.2 is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Asset Holding Standards for Responsible Entities) Instrument 2024/16.
CCH Note: Division 2 is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
CCH Note: Section 601FM is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
If members of a registered scheme want to remove the responsible entity, they may take action under Division 1 of Part 2G.4 for the calling of a members ' meeting to consider and vote on a resolution that the current responsible entity should be removed and a resolution choosing a company to be the new responsible entity. The resolutions must be extraordinary resolutions if the scheme is not listed.
601FM(2)
If the members vote to remove the responsible entity and, at the same meeting, choose a company to be the new responsible entity that consents, in writing, to becoming the scheme ' s responsible entity: (a) as soon as practicable and in any event within 2 business days after the resolution is passed, the current responsible entity must lodge a notice with ASIC asking it to alter the record of the scheme ' s registration to name the chosen company as the scheme ' s responsible entity; and (b) if the current responsible entity does not lodge the notice required by paragraph (a) , the company chosen by the members to be the new responsible entity may lodge that notice; and (c) ASIC must comply with the notice when it is lodged.
[ CCH Note 1: S 601FM(2) will be amended by No 69 of 2020, s 3, Sch 1[952], by substituting " the Registrar " for " ASIC " in para (a) and (c) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 601FM(2A) will be inserted by No 69 of 2020, s 3, Sch 1[953] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 601FM(2A) will read:
601FM(2A)
The notice must meet any requirements of the data standards.]
601FM(3)
A person must not lodge a notice under subsection (2) unless the consent referred to in that subsection has been given before the notice is lodged.
Note: If the members vote to remove the responsible entity but do not, at the same meeting, choose a company to be the new responsible entity, or the company they choose does not consent to becoming the scheme ' s responsible entity, the scheme must be wound up (see section 601NE ).
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