Definitions
4 Definitions
Act means the Corporations Act 2001.
approved hardship member has the meaning given by subsection 601GA(1B) of the Act as notionally inserted by this instrument.
defaulting member has the meaning given by subsection 601GA(1B) of the Act as notionally inserted by this instrument.
registered time-sharing scheme means a time-sharing scheme:
registered in accordance with section 601ED of the Act; and
that has not at any time been promoted by its operator as a means of generating a financial return other than by way of a rental pool.
Regulations means Corporations Regulations 2001.
rental pool, in relation to a time-sharing scheme, means an arrangement conducted by the operator of the scheme where members of the scheme authorise the operator to manage and rent to third parties the rights to use property under the scheme and to pool the rental income received for pro-rata distribution to each holder.
Part 2-Exemptions
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