Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 01/1541]

Authoritative Version
CO 01/1541 Orders/ASIC Class Orders as made
This Class Order modifies section 601FM of the Corporations Act 2001 to clarify how the machinery provisions in Part 2G.4 apply to enable members of a listed managed investment scheme to call a meeting of members to consider and vote on ordinary resolutions to change the responsible entity.
Administered by: Treasury
General Comments: This Class Order was published in the Australian Securities and Investments Commission Gazette on 8 January 2002.
Registered 19 Jan 2007
Gazetted 08 Jan 2002
Date of repeal 21 Jun 2013
Repealed by ASIC Class Order [CO 13/518]

Australian Securities and Investments Commission
Corporations Act 2001 – Subsection 601QA(1) – Declaration

 

Under subsection 601QA(1) of the Corporations Act 2001 (the Act) the Australian Securities and Investments Commission hereby declares that Chapter 5C of the Act applies to all persons as if section 601FM were modified by adding the following subsection after subsection (1): 

“(1A)   Without limiting the generality of subsection (1), in the case of a registered          scheme that is listed: 

(a)        the responsible entity must call and arrange to hold a meeting of the members to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity on the request of:

(i)         members with at least 5% of the votes that may be cast on the resolution; or

(ii)        at least 100 members who are entitled to vote on the resolution; and

(b)       members who hold interests carrying at least 5% of the votes that may be cast at a meeting of the members may call and arrange to hold a meeting of the members to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity; and

(c)        the Court may order a meeting of the members to be called to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity if it is impracticable to call the meeting in any other way.”

 

Dated this 11th day of December 2001.

 

Signed by Stephen Yen
as delegate of the Australian Securities and Investments Commission