Corporations Act 2001

The constitution of a registered scheme must make adequate provision for:

the consideration that is to be paid to acquire an interest in the scheme; and

the powers of the responsible entity in relation to making investments of, or otherwise dealing with, scheme property; and

the method by which complaints made by members in relation to the scheme are to be dealt with; and

winding up the scheme.

If the responsible entity is to have any rights to be paid fees out of scheme property, or to be indemnified out of scheme property for liabilities or expenses incurred in relation to the performance of its duties, those rights:

must be specified in the scheme’s constitution; and

must be available only in relation to the proper performance of those duties;

If the responsible entity is to have any powers to borrow or raise money for the purposes of the scheme:

those powers must be specified in the scheme’s constitution; and

any other agreement or arrangement has no effect to the extent that it purports to confer such a power.

If members are to have a right to withdraw from the scheme, the scheme’s constitution must:

specify the right; and

if the right may be exercised while the scheme is liquid—set out adequate procedures for making and dealing with withdrawal requests; and

if the right may be exercised while the scheme is not liquid—provide for the right to be exercised in accordance with Part 5C.6 and set out any other adequate procedures (consistent with that Part) that are to apply to making and dealing with withdrawal requests.