Document ID: chunk:federal_register_of_legislation:C2011C00517:clause:3_71ea:p2
Version: federal_register_of_legislation:C2011C00517
Segment Type: clause
Provision Reference: sch 3 cl 71EA (pt 2/2)
Character Range: 28360–29318

of both the transferring fund and the acquiring fund must retain, in accordance with subsection 103(2A), any election made under section 71E in relation to the transferring fund before the transfer of the asset.

 (5) A person commits an offence if:
 (a) the person is a trustee of the transferring fund; and
 (b) just before the acquisition time, the trustee had a duty under subsection 103(2A) to retain an election, or a copy of an election, under section 71E in relation to the transferring fund; and
 (c) the trustee does not, within 14 days after the acquisition time, give the election or copy to a trustee or investment manager of the acquiring fund.

Penalty: 50 penalty units.

Note: If the trustee gives the election to the acquiring fund, he or she must retain a copy of the election: see subsection (4).

 (6) An offence against subsection (5) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.