Document ID: chunk:federal_register_of_legislation:F2021C01045:body:0:p9
Version: federal_register_of_legislation:F2021C01045
Segment Type: other
Provision Reference: 
Character Range: 19343–22162

nominated by the members as transferee of the management rights when the price is paid to the operator.

    Assistance
(p) The operator must give reasonable assistance to enable the transferee to operate the resort, hotel, motel or serviced apartment complex including making available information about any future bookings.

Part 3—Relief for registered schemes

11 Valuation of property of registered serviced apartment schemes
(1) The responsible entity of a registered strata 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 practicable after the responsible entity has reasonable grounds to believe that a valuation of the item is in the best interests of members or is needed for the scheme to operate in a manner that is fair to all members.
(3) A responsible entity that has not complied with the condition in subsection (2) cannot rely on the exemption in subsection (1).

12 Consequential modification of compliance plan requirements
Chapter 5C of the Act applies to a responsible entity of a registered strata scheme as if paragraph 601HA(1)(c) were modified or varied by after "valued" inserting "in accordance with the conditions of any exemption under paragraph 601QA(1)(a) that exempts the responsible entity from paragraph 601FC(1)(j) or, if the responsible entity is not covered by such an exemption,".

Part 4—Relief for strata schemes

13 Strata scheme where all strata units acquired for at least $500,000
(1) Parts 7.6 (other than Divisions 4 and 8), 7.7, 7.8 and 7.9 of the Act apply in relation to an interest in a strata scheme that is operated by a person who is not an excluded person as if subregulation 7.1.18(3) of the Corporations Regulations 2001 were modified or varied by, after paragraph (a), inserting:
           "(aa)  subject to paragraph (b) and subregulation (4), includes the higher of:
(i) any amount paid or payable for real property or furniture, fittings and equipment acquired or purchased with the investment-based financial product; and
(ii) the highest amount paid or payable for that real property or furniture, fittings and equipment acquired or purchased with that real property on a previous acquisition or purchase of the real property by a person who is not any of the following:
(A) the issuer of the investment-based financial product;
(B)  a promoter of a managed investment scheme in which the investment-based financial product is an interest;
(C) an associate of the issuer or promoter.
           Note:  Subregulation 7.1.18(3) of the Corporations Regulations 2001 applies for the purposes of the definition of retail client in section 761A of the