Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p9
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 9/11)
Character Range: 41821–44842

that is the responsible entity of a registered time-sharing scheme must:
                  (a) pay and ensure that any of its associates pay the same continuing charges and levies (such as maintenance levies and special levies) as a member would be required to pay in relation to the same interest held in that scheme; and
                  (b) provide to each member, for each period that the member is charged levies:
(i) a notice of the levies payable by the member for the period; and
(ii) a copy of the budget which relates to that period.
              (17) A licensee that is the responsible entity of a registered time-sharing scheme may give either or both of the documents referred to in subparagraphs (16)(b)(i) and (ii) by:
                  (a) publishing the document on the responsible entity's website; and
                  (b) notifying a member of the website publication using:
(i) a method of communication for the notification the member has consented to; or
                     (ii) any means a member has consented to for communication of the document.
           Application monies for an interest in a scheme relating to property development
              (18) A licensee that is the responsible entity of a property development scheme must:
                  (a) ensure that all deposit money it receives from an applicant is deposited with an Australian ADI in an account that is held on trust for the applicant, not later than the business day following receipt and is not applied in any manner other than by payment to another such account until:
                     (i) a registrable dealing conferring title on the applicant to any real property in relation to the scheme and in relation to the interests being acquired by the applicant is lodged with the relevant authority responsible for receiving lodgements relating to real property titles; and
                     (ii) the construction of the property to which the interests being acquired by the applicant relates, and any improvements necessary to permit normal use of the property under the scheme, is substantially completed; and
                  (b) if the licensee becomes aware that:
(i) a registrable dealing conferring title on the applicant to any real property in relation to the scheme and in relation to the interests being acquired by an applicant is not lodged with the relevant authority by the date specified in the Product Disclosure Statement; or
(ii) the construction of the property and improvements is not substantially completed by the date specified in the Product Disclosure Statement;
                  return to the applicant the following:
                     (iii) any deposit money paid by the applicant;
                     (iv) any income earned on the deposit money (less deductions of any fees and disbursements properly chargeable against the income);
                     (v) any amounts paid under a contract with a related finance provider; and
                  (c) ensure that any amount