Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p9
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 9/29)
Character Range: 70152–73184

a requirement of being a member of the scheme and are not otherwise charged as levies.
              PAYG membership, in relation to a registered time-sharing scheme, means a membership in a PAYG points-based program.
              PAYG points, in relation to a registered time-sharing scheme, means pay-as-you-go points that:
                  (a) may only be purchased by a member of a PAYG points-based program; and
                  (b) may be used by the member to obtain the right to use property to which the scheme relates at the time the points are purchased.
              PAYG points-based program, in relation to a registered time-sharing scheme, means a points-based program where a person:
                  (a) becomes a member of the scheme by purchasing a PAYG membership for a specified term of not less than 3 years; and
                  (b) as a PAYG member of the scheme is entitled to purchase PAYG points for the duration of that term.
              point, in relation to a registered time-sharing scheme, means a unit of measurement of the amount payable for the use of the property to which the scheme relates.
              points-based program, in relation to a registered time-sharing scheme, means a program where members of the scheme can use points to obtain the right to use property to which the scheme relates.
              purchase price means the price paid to acquire an interest in a registered time-sharing scheme.
              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.
              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—Product Disclosure Statements: Fees and Costs Summaries, Additional Explanation of Fees and Costs, and Consumer Advisory Warning

           Division 1—The Purchase Price and Upfront Fees and Costs Summary

             201 Allocation points-based programs

           What do you have to pay upfront?

           Membership in an allocation points-based program entitles you to an [insert timeframe] allocation of points to use to stay at scheme accommodation. You can find information about the key features of different membership options and expiry dates of points at [insert page number(s)].

           The table below shows the purchase price and upfront fees and costs to become a member for each membership option.

           [If relevant] The table also shows the upfront fees you will be charged if you choose to enter into a financing arrangement facilitated by the responsible entity.