(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.