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ASIC Corporations (Changing Scheme and Retail CCIV Constitutions) Instrument 2019/700

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Changing Scheme and Retail CCIV Constitutions) Instrument 2019/700) as in force on 15 November 2022. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Declaration
5 Registered scheme – changing the constitution
6 Retail CCIV – changing the constitution
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This instrument is ASIC (Changing Scheme and Retail CCIV Constitutions) Instrument 2019/700.

3 Authority
This instrument is made under subsections 601QA(1) and 1243(2) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.

Part 2—Declaration

5 Registered scheme – changing the constitution
    Chapter 5C of the Act applies to all persons in relation to a registered scheme as if section 601GC of the Act were modified or varied by, after subsection (1), inserting the following subsections:
            "(1B) If the constitution of a scheme sets out a procedure for varying or cancelling rights of a class of members of the scheme, or rights attached to a class of interests under the scheme, those rights may be varied or cancelled by a resolution under paragraph (1)(a) only if that procedure is complied with.
Passport Rules
            (1C) Despite subsection (1), the responsible entity of a registered scheme may modify the constitution of the scheme to the extent the responsible entity reasonably considers necessary to ensure the constitution:
                (a)          is consistent with section 4 of the Passport Rules for this jurisdiction; and

                (b)          specifies a right of withdrawal and contains provisions for making and dealing with withdrawal requests that are consistent with Division 7.1 of Part 7 of those Rules.

            Any modifications made to the constitution under this subsection may be made before the scheme has a status of being an Australian passport fund but only have operative effect while the Passport Rules for this jurisdiction apply in relation to the fund.
Other scenarios
             (1D) Despite subsection (1), the constitution of the scheme may be modified, or repealed and replaced with a new constitution, by the responsible entity if at least one of the following is satisfied at the time of the modification, or repeal and replacement:
                  (a) a meeting of members is unable to be held because the quorum requirement in either subsection 252R(2) or the scheme's constitution is not capable