Document ID: chunk:federal_register_of_legislation:F2021C01032:reg:8
Version: federal_register_of_legislation:F2021C01032
Segment Type: reg
Provision Reference: reg 8
Character Range: 5942–8726

8               Withdrawal rights for registered mortgage investment schemes
    Chapter 5C of the Act applies to all persons in relation to a mortgage investment scheme in respect of which the operator has relied on the exemption in section 6 as if subsection 601GA(4) and Part 5C.6 were modified or varied as follows:
(a) after "members" (wherever appearing, other than at the end of subsection 601GA(4), in paragraph 601KB(2)(b), in subsection 601KB(4) and in section 601KE), inserting:
              (i)  in subsection 601KB(1) (wherever appearing) and in the formula in section 601KD:
                  "who have an interest in the particular mortgage loan"; and
              (ii) otherwise, "who have an interest in a particular mortgage loan";
(b)  in paragraph 601KB(2)(b), after "members of the scheme" and "members of a particular class", inserting "who have an interest in the particular mortgage loan";
(c) in subsection 601KA(3), after "member" , inserting "who has an interest in a particular mortgage loan";
(d) in the formula in section 601KD, after "member", inserting "who has an interest in the particular mortgage loan";
(e) after "withdraw from the scheme" (wherever appearing) and "withdraw, wholly or partly, from the scheme" (in subsection 601KB(1)), inserting "in relation to the particular mortgage loan";
(f) after "scheme is liquid" (wherever appearing), inserting
              (i) in subsection 601KA(4), "in relation to a particular mortgage loan"; and
              (ii) otherwise, "in relation to the particular mortgage loan";
(g) after "scheme is not liquid" (wherever appearing) and "scheme that is not liquid" (wherever appearing), inserting:
              (i) in subsection 601KB(1) and sections 601KC, 601KD and 601KE, "in relation to a particular mortgage loan"; and
              (ii) otherwise, "in relation to the particular mortgage loan";
(h) in subsection 601KA(4), after "liquid assets", inserting "in relation to the particular mortgage loan";
(i) in subsections 601KA(5) and (6), after "liquid assets" and "liquid asset", inserting "in relation to a particular mortgage loan";
(j) in subsection 601KA(4), after "scheme property", inserting "in relation to the particular mortgage loan".

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration     Date of commencement  Application, saving or transitional provisions
2017/857           26/9/2021 (see F2017L01254)  27/9/2017
2021/799           22/9/2021 (see F2021L01310)  5/10/2021             -

Endnote 2—Amendment history
ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted
Provision affected   How affected
Section 2            rep. s48D LA
Subsection 5(4)      am. 2021/799