Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 98/57]

Authoritative Version
CO 98/57 Orders/ASIC Class Orders as made
This Class Order provides relief to management companies from the requirement to call a unitholders' meeting under section 1457 of the Corporations Law (as continued in force by section 1408 of the Corporations Act 2001) in certain circumstances where the managed investment scheme is not required to be registered under section 601ED.
Administered by: Treasury
General Comments: This Class Order was originally made under para 601QA(1)(a) of the Corporations Law and is continued in force under section 1399 of the Corporations Act 2001.
Registered 04 Mar 2008
Gazetted 04 Aug 1998
Date of repeal 15 Sep 2015
Repealed by ASIC Redundant Class Orders (Amendment and Repeal) Instrument 2015/826

[CO 98/57]

Exemption from calling a meeting of unitholders under s1457

 

Policy Statement 135

 

Class Order [98/57] provides some relief to management companies from the requirement to call a unitholders meeting under s1457 in certain circumstances where the managed investment scheme is not required to be registered under s601ED.  See Policy Statement 135 at PS 135.47.

 

Australian Securities & Investments Commission

 

Corporations Law Paragraph 601QA(1)(a) Exemptions

 

Pursuant to paragraph 601QA(1)(a) of the Corporations Law the Australian Securities and Investments Commission hereby exempts the management company in the cases specified in the Schedule from section 1457 of the Law.

 

 

Schedule - the cases

 

1.                  The holders of prescribed interests have agreed that section 1453 of the Law shall cease to apply to their interests under section 1453 and, as at one year after the commencement, the undertaking to which the interest relate would not be required to be registered under section 601ED of the Law if Division 11 of Part 11.2 of the Law did not apply.

 

2.                       Where:

 

(a)                all holders of prescribed interests were issued all their interests in the scheme by excluded issue; and

 

(b)               all holders of prescribed interests have agreed in writing that the scheme is not required to be registered; and

 

(c)                the management company has lodged a notice that there will be no meeting under paragraph 1457(1)(a) because of paragraphs (a) and (b) of this instrument.

 

3.         The scheme has commenced being wound up before one year after the commencement. In this case the exemption ceases to apply on 30 June 2000.

 

Dated the 20th day of July 1998

 

 

Signed by Debra Russell

 

as delegate of the Australian Securities and Investments Commission