Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3
Character Range: 15855–18860

3                                             The responsible entity requires further information, gives a notice requiring further information by a specified date, and receives the further information on or before the date.                   30 days starting on the day the responsible entity receives the further information

              defaulting member means a member of a registered time-sharing scheme:
                  (a) whose interest may be forfeited to the responsible entity under the constitution; or
                  (b) on whose behalf the responsible entity may sell the interest of the member under the constitution;
              as a result of a failure by the member to remedy the non-payment of an amount due to:
                  (c) the responsible entity as scheme property, including, amounts payable to acquire the interest or a levy; or
                  (d) a person with respect to financial accommodation provided to the member in connection with the acquisition by the member of the interest;
              provided that a member who is an approved hardship member is not a defaulting member even if paragraph (c) or (d) is satisfied in relation to the member.
              hardship application means an application by a member (or in the case of joint memberships, both members) of a registered time-sharing scheme, made to the responsible entity of the scheme, in writing, to withdraw from the scheme because the member meets the hardship criteria.
              hardship criteria: see subsection (1C).
              levy, in relation to a registered time-sharing scheme, means an amount paid or payable by members of a scheme for any of the following:
                  (a) the maintenance of scheme property;
                  (b) operating the scheme;
                  (c) other services relating to the scheme.
              registered medical practitioner means a medical practitioner on the public register of practitioners maintained by the Australian Health Practitioner Regulation Agency or any successor agency.
              registered time-sharing scheme means a time-sharing scheme:
                  (a)          registered in accordance with section 601ED; 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.
              (1C) For the purposes of subsections (1A) to (1C), a member of a registered scheme meets the hardship criteria if:
                  (a) any of the hardship criteria specified in column 3 of the following table are satisfied in relation to the member (or in the case of joint memberships, any one member); and
                  (b) as a consequence, the member (or in the case of joint memberships, any one member) is unlikely to be able to use their interest in the scheme for the remainder of their membership.

Item  Column 2                   Column 3
      hardship category          hardship criteria