Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.