Australian Securities and Investments Commission
Corporations Act 2001 — Paragraph 601QA(1)(b) — Variation
 
Enabling legislation
 
1.       The Australian Securities and Investments Commission (ASIC) makes this instrument under paragraph 601QA(1)(b) of the Corporations Act 2001.
 
Title
 
2.         This instrument is ASIC Class Order [CO 07/642].
 
Commencement
           
3.         This instrument commences:
 
(a)        immediately after the commencement of ASIC Class Order
[CO 07/88]; or
 
(b)        the date this instrument is registered under the Legislative Instruments Act 2003,
 
whichever is later.
 
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, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
 
Variation
 
4.         ASIC Class Order [CO 02/315] is varied by, in paragraph 2, omitting notional paragraph 601GA(1A)(a) and substituting:
 
“(a)      the responsible entity operating the time-sharing scheme (operator) must ensure that any application for an investment in the scheme is voidable at the option of the applicant during a period of:
 
(i)         if the operator is a member of the Australian Timeshare & Holiday Ownership Council Limited ACN 065 260 095 and has not been notified in writing by ASIC that it cannot continue to rely on this subparagraph—not less than 7 days; or
 
(ii)                otherwise—not less than 14 days,
 
commencing on the date on which the applicant acknowledges receipt of the Product Disclosure Statement (including, where applicable, a loose-leaf price list) and the cooling-off statement referred to in paragraph (c);”.
 
 
 
Dated this 21st day of September 2007
 
 
 
 
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission