Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:12:p1
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 12 (pt 1/5)
Character Range: 1388–4348

12  Disclosure of fees and costs—application to periodic statements
         13      Disclosure of fees and costs—transitional exemption from ongoing disclosure of material changes and significant events
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Time-sharing Schemes) Instrument 2017/272.

3 Authority
This instrument is made under subsections 601QA(1), 926A(2) and 1020F(1) of the Corporations Act 2001.

4 Definitions
Act means the Corporations Act 2001.
approved hardship member has the meaning given by subsection 601GA(1B) of the Act as notionally inserted by this instrument.
       defaulting member has the meaning given by subsection 601GA(1B) of the Act as notionally inserted by this instrument.
registered time-sharing scheme means a time-sharing scheme:
       (a) registered in accordance with section 601ED of the Act; and
       (b) that has not at any time been promoted by its operator as a means of generating a financial return other than by way of a rental pool.
       Regulations means Corporations Regulations 2001.
rental pool, in relation to a time-sharing scheme, means an arrangement conducted by the operator of the scheme where members of the scheme authorise the operator to manage and rent to third parties the rights to use property under the scheme and to pool the rental income received for pro-rata distribution to each holder.

       Part 2—Exemptions

5 Exemption for forfeiture for non-payment
A responsible entity of a registered time-sharing scheme does not have to comply with paragraph 601FG(1)(a) of the Act in relation to the acquisition and holding by the responsible entity of an interest in the scheme that is forfeited by a defaulting member to the responsible entity if:
           (a) the constitution of the scheme contains provisions that are to the effect of paragraphs 601GA(1A)(a) to (l) of the Act (as notionally inserted by this instrument); and
           (b) the acquisition and holding is in accordance with those provisions.

5A Equality of treatment
A responsible entity of a registered time-sharing scheme does not have to comply with paragraph 601FC(1)(d) of the Act to the extent the requirement to treat members in the same class equally would prevent the responsible entity from allowing an approved hardship member to withdraw in accordance with provisions of the constitution of the scheme that are to the effect of paragraphs 601GA(1A)(b) to (l) of the Act as notionally inserted by this instrument.

6 Valuation of property of registered time-sharing schemes
(1) The responsible entity of a registered time-sharing scheme does not have to comply with paragraph 601FC(1)(j) of the Act in relation to the scheme.

Condition
(2) A responsible entity that relies on the exemption in subsection (1) must ensure that an item of scheme property of the scheme is valued as soon as