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.
CCH Note: Section 601NC 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 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)
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.
[ CCH Note 1: S 601NC(2) will be amended by No 69 of 2020, s 3, Sch 1[976], by substituting " the Registrar " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 601NC(2A) will be inserted by No 69 of 2020, s 3, Sch 1[977] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 601NC(2A) will read:
601NC(2A)
The giving of the notice to the Registrar must meet any requirements of the data standards.]
601NC(3)
If no meeting is called within that 28 days to consider the proposed winding up, the responsible entity may wind up the scheme.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
