ASIC Class Order [CO 13/519]

Link to law: https://www.comlaw.gov.au/Details/F2013L01100

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
 
Australian Securities and Investments Commission
Corporations Act 2001 – Subsection 601QA(1) – Declaration
Enabling legislation
1.       This Australian Securities and Investments Commission makes this instrument under subsection 601QA(1) of the Corporations Act 2001 (the Act).
Title
2.       This instrument is ASIC Class Order [CO 13/519].
Commencement
3.       This instrument commences on the day it is registered under the Legislative Instruments Act 2003.
Note:    An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, section 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.
Declaration
4.       Chapter 5C of the Act applies to all persons as if section 601FM were modified or varied by, after subsection (1), inserting:
“(1A)         Without limiting the generality of subsection (1), in the case of a registered scheme that is listed:
(a)     the responsible entity must call and arrange to hold a meeting of the members to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity on the request of:
(i)      members with at least 5% of the votes that may be cast on the resolution; or
(ii)     at least 100 members who are entitled to vote on the resolution; and
(b)     members who hold interests carrying at least 5% of the votes that may be cast at a meeting of the members may call and arrange to hold a meeting of the members to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity; and
(c)     the Court may order a meeting of the members to be called to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity if it is impracticable to call the meeting in any other way.”.
 
 
Dated this 17th day of June 2013
 
Signed by Grant Moodie
as a delegate of the Australian Securities and Investments Commission