Document ID: chunk:federal_register_of_legislation:F2016C00648:reg:6:p2
Version: federal_register_of_legislation:F2016C00648
Segment Type: reg
Provision Reference: reg 6 (pt 2/3)
Character Range: 4924–7799

on the website; and
(ii) has not received requests from members with at least 5% of the votes that may be cast on the resolution to call and arrange to hold a meeting as specified in the notice.
           (4) A notice complies with this subsection if it:
              (a) sets out a summary of the reason for, and the effect of, the proposed modification of the constitution; and
              (b) states that the responsible entity will modify the constitution as proposed unless it receives requests to call and arrange to hold a meeting of the scheme's members to consider and vote on a special resolution to modify the constitution as proposed:
                  (i) from members with at least 5% of the votes that may be cast on the resolution; and
                  (ii) by a specified date that is the last day of the relevant period; and
              (c) states that a request referred to in paragraph (b) must be made in writing and may be sent to a specified email address of the responsible entity; and
              (d) is worded and presented in a clear, concise and effective manner.
           (5) The responsible entity may repeal and replace the constitution instead of modifying it where:
              (a) the replacement constitution has the effect that the constitution would have had if it had instead been modified in accordance with subsection (1); and
              (b) subsection (3) had been satisfied as if references in subsections (3) and (4) to modifying the constitution included references to repealing and replacing it.
           (6) The responsible entity may modify or repeal and replace the constitution under subsections (1) and (5) even if the constitution includes provisions to the effect that it may only be modified or repealed and replaced in accordance with paragraphs 601GC(1)(a) or (b) or provisions to the effect of those paragraphs.
           (7) For the purposes of this section:
           attribution income tax liability of a person in relation to a managed investment scheme means an income tax liability of the person under the ITA Act that results from the scheme being operated as an AMIT.
           attribution managed investment trust (or AMIT) has the meaning given by section 276-10 of the ITA Act.
           ITA Act means the Income Tax Assessment Act 1997.
           wholesale client has the meaning given by section 761G.
           (8) To avoid doubt:
              (a) the consultation referred to in paragraph (3)(a) may take place partly or wholly before the commencement of this section; and
              (b) the relevant period referred to in paragraph (3)(b) may be a period that partly or wholly occurs before the commencement of this section.
              Note: The responsible entity must act in the best interests of the members in exercising the power in subsections (1) and (5) to modify,