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 601FQ 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.
The temporary responsible entity of a registered scheme must call a members ' meeting for the purpose of the members, by resolution, choosing a company to be the new responsible entity. The resolution must be an extraordinary resolution if the scheme is not listed. The temporary responsible entity must call the meeting as soon as practicable and, in any event, within 3 months of becoming the temporary responsible entity.
601FQ(2)
Within that 3 months, the temporary responsible entity may call further members ' meetings for the purpose of choosing a company to be the new responsible entity. Before the end of the 3 months, it may apply to the Court for an extension of that period. If the Court grants the extension, the temporary responsible entity may, within the extended period, call further members ' meetings for the purpose of choosing a company to be the new responsible entity.
601FQ(3)
Provided it still meets the requirements in section 601FA , nothing prevents the company that is the temporary responsible entity from being chosen as the new responsible entity.
601FQ(4)
If the members choose a company to be the new responsible entity and that company has consented, in writing, to becoming the scheme ' s responsible entity, the temporary responsible entity must, as soon as practicable, 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. ASIC must comply with the notice when it is lodged.
[ CCH Note 1: S 601FQ(4) will be amended by No 69 of 2020, s 3, Sch 1[957] and [ 958], by substituting " the Registrar " for " ASIC " (first occurring) and " The Registrar " for " ASIC " (second occurring) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 601FQ(4A) will be inserted by No 69 of 2020, s 3, Sch 1[959] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 601FQ(4A) will read:
601FQ(4A)
The notice must meet any requirements of the data standards.]
601FQ(5)
The temporary responsible entity must apply to the Court for an order directing it to wind up the scheme, and the Court may make the order, if: (a) no meeting is called within the 3 months or extended period for the purpose of choosing a new company to be the responsible entity; or (b) the meeting or meetings called within that period for that purpose have not resulted in the members choosing a company to be the new responsible entity that consents to becoming the scheme ' s responsible entity.
ASIC or a member of the scheme may apply for the order if the temporary responsible entity does not do so.
601FQ(6)
The temporary responsible entity must not lodge a notice under subsection (4) unless the consent referred to in that subsection has been given before the notice is lodged.
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