New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 157AD

157AD Registration of scheme by Chief Commissioner

(1) The Chief Commissioner may, on application, register a unit trust scheme if the Chief Commissioner is satisfied that--

(a) the unit trust scheme--

(i) is a wholesale unit trust scheme, or

(ii) will be a wholesale unit trust scheme within 12 months after the day on which the first units in the scheme are issued to a qualified investor (an
"imminent wholesale unit trust scheme" ), and

(b) registration is not being sought for a purpose of avoiding or reducing duty under this Act.

(2) The application must--

(a) be made by the responsible entity for the unit trust scheme, and

(b) be in a form approved by the Chief Commissioner, and

(c) include the information reasonably required by the Chief Commissioner, and

(d) be accompanied by the fee determined by the Chief Commissioner.

(3) Registration may be granted subject to conditions imposed by the Chief Commissioner.

(4) The Chief Commissioner may vary the conditions of registration for a unit trust scheme at any time by written notice given to the responsible entity for the scheme.

(5) It is a condition of registration of an imminent wholesale unit trust scheme that units are not issued in the scheme other than for the purposes of the scheme becoming a wholesale unit trust scheme.