Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 601NC
Winding up if scheme's purpose accomplished or cannot be accomplished
- (1)
- If the responsible entity of a registered
scheme considers that the purpose of the scheme:
- (a)
- has been accomplished; or
- (b)
- cannot be accomplished;
it may, in accordance with this section, take steps to wind up
the scheme.
- (2)
- The responsible entity must give to
the members of the scheme and to ASIC a notice in writing:
- (a)
- explaining the proposal to wind up
the scheme, including explaining how the scheme's purpose has been
accomplished or why that purpose cannot be accomplished; and
- (b)
- informing the members of their rights to take action under
Division 1 of Part 2G.4 for the calling of a members' meeting to consider the
proposed winding up of the scheme and to vote on any extraordinary resolution
members propose about the winding up of the scheme; and
- (c)
- informing the members that the responsible entity is permitted to
wind up the scheme unless a meeting is called to consider the proposed winding
up of the scheme within 28 days of the responsible entity giving the notice to
the members.
- (3)
- If no meeting is called within that 28
days to consider the proposed winding up, the responsible entity may wind up
the scheme.
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