• Specific Year
    Any

CORPORATIONS ACT 2001 - SECT 601FG Acquisition of interest in scheme by responsible entity

CORPORATIONS ACT 2001 - SECT 601FG

Acquisition of interest in scheme by responsible entity

  (1)   The responsible entity of a registered scheme may acquire and hold an interest in the scheme, but it must only do so:

  (a)   for not less than the consideration that would be payable if the interest were acquired by another person; and

  (b)   subject to terms and conditions that would not disadvantage other members.

Note :   If the responsible entity holds an interest in the scheme, it does so subject to section   253E (certain members cannot vote or be counted).

  (2)   A responsible entity who contravenes subsection   (1), and any person who is involved in a responsible entity's contravention of that subsection, contravenes this subsection.

Note 1:   Section   79 defines involved.

Note 2:   Subsection   (2) is a civil penalty provision (see section   1317E).

  (3)   A person must not intentionally be involved in a responsible entity's contravention of subsection   (1).

Download

No downloadable files available