CORPORATIONS ACT 2001 - SECT 601KE Non - liquid schemes--responsible entity may cancel withdrawal offer

CORPORATIONS ACT 2001 - SECT 601KE

  (1)   The responsible entity of a registered scheme that is not liquid:

  (a)   may cancel a withdrawal offer before it closes if the offer contains a material error; or

  (b)   must cancel a withdrawal offer before it closes if it is in the best interests of members to do so.

  (2)   The cancellation must be made:

  (a)   if the constitution specifies procedures for cancelling the withdrawal offer--in accordance with those procedures; or

  (b)   otherwise--by notice in writing to the members to whom the withdrawal offer was made.

  (3)   The responsible entity must lodge written notice of the cancellation with ASIC.