Document ID: chunk:federal_register_of_legislation:F2021C01031:body:0:p3
Version: federal_register_of_legislation:F2021C01031
Segment Type: other
Provision Reference: 
Character Range: 5097–7911

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 the absence of a secondary market for the trading of the interest;
(iii) a description of the material terms and conditions of the Management Agreement, Sales Deposit Agreement, Share Purchase Agreement and Shareholders' Agreement in relation to the Avia Syndicate, including:
                  (A)        the rights of a person to withdraw an application for Avia Syndicate interests and shares in the Avia Plane Owning Company, and that there is no obligation for Avia, Avia Airshares or the Avia Plane Owning Company to purchase or redeem an Avia Syndicate interest or shares in the Avia Plane Owning Company after the expiration of the period to withdraw such an application; and
                  (B)        the circumstances in which the holders of Avia Syndicate interests may elect a new manager of the Avia Syndicate;
(iv) that Avia, Avia Airshares and the Avia Plane Owning Company do not hold an Australian financial services licence under the Act for the provision of financial services in relation to the Avia Syndicate and are not regulated by ASIC as financial services licensees;
(v) the Avia Syndicate is not registered as a managed investment scheme under the Act; and
(b) a person who applies for an Avia Syndicate interest and a share in the Avia Plane Owning Company may, by written notice to Avia Airshares, withdraw the application and require Avia Airshares promptly to repay any application money (without deducting any fees or expenses, except for those reasonable fees or expenses permitted under the Share Purchase Agreement) during the period ending on the later of:
(i) 90 days after the date of entry into the Sales Deposit Agreement; and
(ii) 60 days after Completion;
           provided that person is not in material default of the Sales Deposit Agreement, Share Purchase Agreement, Shareholders' Agreement and Management Agreement.
(2) Avia must take reasonable steps to become and remain a member of an external dispute resolution scheme:
(a) approved by ASIC for the purposes of subparagraph 912A(2)(b)(i) of the Act; and
(b)  that covers complaints in relation to an Avia Syndicate made by holders of Avia Syndicate interests in connection with the operation of that Avia Syndicate.

7 Exemption for person acting on behalf of an Avia Entity
A person who provides a financial service in relation to an Avia Syndicate on behalf of an Avia Entity does not have to comply with subsection 911B(1) of the Act for the provision of the financial service.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration     Date