Document ID: chunk:federal_register_of_legislation:F2023L01221:body:0:p6
Version: federal_register_of_legislation:F2023L01221
Segment Type: other
Provision Reference: 
Character Range: 12834–15681

interests are able to be traded on the relevant financial market;

                  (c) the responsible entity allows applications for and redemptions of interests in that class on any day that those interests are able to be traded on the relevant financial market;

                  (d) the price or value of any financial product, index, currency, commodity or other thing that the scheme invests in or tracks is continuously disclosed or can be immediately ascertained;

                  (e) the name of the scheme does not contain the expression "managed fund" or "hedge fund".

           managed fund means a registered scheme:

                  (a)  that satisfies paragraphs (a) to (d) of the definition of exchange traded fund; and

                  (b) whose name contains the expression "managed fund" or "hedge fund".
           601GAF Discretions in constitutional provisions about amounts to be paid on withdrawal
(1) The constitution does not have to specify the right to withdraw from a scheme or set out adequate procedures for making and dealing with withdrawal requests to the extent that it provides a formula or method that is to be used to work out an amount that will be paid to a member making a withdrawal that complies with subsection (2) but gives the responsible entity a discretion to do one or more of the following:
                  (a) decide a matter that affects the value of a factor included in the formula;
                  (b)  decide a matter that is an aspect of the method;
                  (c)  make an adjustment to the amount determined by the formula for the costs in acquiring or disposing of scheme property, for assets of the scheme that are not scheme property or otherwise.
                  Note: The responsible entity may appoint an agent or otherwise engage a person to do anything it is authorised to do in relation to a scheme: see subsection 601FB(2).
(2) The formula or method must be based on the value of scheme property attributable to interests of the relevant class less any liabilities that under the constitution may be met from that property attributable to interests in that class divided by the number of interests on issue in that class.
(3)  A discretion in the constitution of the kind referred to in subsection (1) must not be exercised on the basis that it will result in a particular amount being set as the amount that will be paid to a member making a withdrawal.".

6 Discretions affecting the amount of consideration to acquire interests and payments for withdrawal
Chapter 5C of the Act applies to a responsible entity as if provisions of that Chapter were modified or varied by, after subsection 601FC(1), inserting:
 "Exercise of discretion on issue or withdrawal
           (1A) The responsible entity must ensure that the manner in which a discretion