Document ID: chunk:federal_register_of_legislation:F2021C01031:body:0:p2
Version: federal_register_of_legislation:F2021C01031
Segment Type: other
Provision Reference: 
Character Range: 2666–5329

of holders of shares in each Avia Plane Owning Company does not exceed 16 persons; and
           (d)          the management of the aircraft, including as to maintenance, repairs, scheduling and regulatory compliance, is carried out by Avia in accordance with a Management Agreement.
Avia Syndicate interest means an interest in an Avia Syndicate.
Completion means completion of the sale of shares under the Share Purchase Agreement.
Management Agreement means an agreement in respect of the management of an aircraft under which the Avia Plane Owning Company appoints Avia to manage the aircraft and which is in substantially the same form as that provided to ASIC on 16 July 2015.
registered operator has the same meaning as in regulation 47.100 of the Civil Aviation Safety Regulations 1998.
Sales Deposit Agreement means an agreement in respect of confidentiality, due diligence and the holding of deposit money before a person commits to acquire an Avia Syndicate interest and shares in an Avia Plane Owning Company and which is in substantially the same form as that provided to ASIC on 16 July 2015.
Share Purchase Agreement means an agreement in respect of the purchase of shares in an Avia Plane Owning Company and which is in substantially the same form as that provided to ASIC on 16 July 2015.
Shareholders' Agreement means an agreement in respect of the rights and obligations of holders of an interest in an Avia Plane Owning Company and which is in substantially the same form as that provided to ASIC on 16 July 2015.

Part 2—Exemption

5 Exemptions in relation to Avia Syndicates
(1) The Avia Entities do not have to comply with subsection 601ED(5) of the Act in relation to the operation of an Avia Syndicate.
(2) The Avia Entities do not have to comply with subsection 911A(1) of the Act for the provision of a financial service in relation to an Avia Syndicate.
(3) Avia Airshares and an Avia Plane Owning Company in relation to an Avia Syndicate do not need to comply with Parts 6D.2 and 6D.3 of the Act in relation to a sale of shares in the Avia Plane Owning Company in connection with the Avia Syndicate.

6 Conditions
(1) Avia, Avia Airshares and the Avia Plane Owning Company in relation to an Avia Syndicate, must take reasonable steps to ensure that:
(a) the Product Disclosure Statement for offers of Avia Syndicate interests for issue or sale prominently discloses the following in a clear, concise and effective manner:
(i) an Avia Syndicate interest is not an investment product and is not intended to provide the holder of the interest with a financial return;
(ii) an Avia Syndicate interest is likely to be illiquid because of