601FG

Acquisition of interest in scheme by responsible entity

In force

(1)

The responsible entity of a registered scheme may acquire and hold an interest in the scheme, but it must only do so:

(a)

for not less than the consideration that would be payable if the interest were acquired by another person; and

(b)

subject to terms and conditions that would not disadvantage other members.

Note:

If the responsible entity holds an interest in the scheme, it does so subject to section 253E (certain members cannot vote or be counted).

(2)

A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity’s contravention of that subsection, contravenes this subsection.

Note 1:

Section 79 defines involved.

Note 2:

Subsection (2) is a civil penalty provision (see section 1317E).

(3)

A person must not intentionally be involved in a responsible entity’s contravention of subsection (1).

This Act’s bill:Explanatory memorandum Second reading speech

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