Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p2
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 2/11)
Character Range: 22133–25302

5C of the Act applies to a responsible entity of a registered time-sharing scheme as if Part 5C.3 were modified or varied by:
(a) before subsection 601GC(2) inserting:
              "(1B) The constitution of a registered time-sharing scheme (as defined in ASIC Corporations (Time-sharing Schemes) Instrument 2017/272) may also be modified, or repealed and replaced with a new constitution, by the responsible entity in accordance with section 601GCD."; and
           (b) inserting the following section in its relative order in Part 5C.3:
          "601GCD Changing the constitution of a registered time-sharing scheme to enable hardship withdrawals

              (1)          Subject to subsection (2), the responsible entity of a registered time-sharing scheme (as defined in ASIC Corporations (Time-sharing Schemes) Instrument 2017/272) may modify the constitution of the scheme to:

                  (a) include provisions to the effect of paragraphs 601GA(1A)(a) to (l) (as notionally inserted, or to be notionally inserted, as a result of ASIC Corporations (Amendment) Instrument 2020/1064); and

                  (b) make any other modifications that the responsible entity reasonably considers are necessary for, or incidental to, the responsible entity including provisions to the effect of paragraphs 601GA(1A)(a) to (l).

              (2)          The responsible entity may modify the constitution under subsection (1) where:

                  (a) the responsible entity has given members of the scheme written notice of the modification by sending each member by post or by email a copy of a notice that complies with subsection (3); and

                  (b) the responsible entity has published a notice that complies with subsection (3) on its website:

                     (i)          no later than the date it gives written notice under paragraph (a); and

                     (ii)        in a way that is likely to come to the attention of a person looking for information about the scheme on the website; and

                  (c) as at a date (relevant date) that is:

                     (i) no later than the date it gives written notice under paragraph (a) and (b); and

                     (ii) at least 14 days after the responsible entity gives notice to members under paragraph (a);

                  the responsible entity has not received requests from members with at least 5% of the votes that may be cast on the resolution referred to in paragraph (3)(b) to call and arrange to hold a meeting as specified in the notice.

              (3) 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