Document ID: chunk:federal_register_of_legislation:F2023C00839:body:0:p10
Version: federal_register_of_legislation:F2023C00839
Segment Type: other
Provision Reference: 
Character Range: 22621–25237

valued, or the market price of interests being worked out, in accordance with ordinary commercial practice (see subsection (6))—an explanation why it is impracticable to do so.
(9) The responsible entity must ensure that the records which it keeps under section 988A are kept in such a way as will enable:
(a) any documented policy that was applied in the exercise of the discretion; and
(b) any exercise of a discretion of the kind covered by subsection (8);
that relates to an issue of an interest to be identified.
(10) The documented policy relating to a discretion of the kind referred to in subsection (1) must:
(a) not involve the creation of another discretion of that kind; and
(b) be the only policy applicable to the exercise of the discretion at any one time.

           Access to and retention of documents

(11) The responsible entity must:
(a) retain the documents covered by subsections (7) and (8) for 7 years after they cease to be current; and
(b) give a copy of the documents referred to in paragraph (a) to the following persons on request at no charge:
(i) a member of the scheme;
(ii) a person who has been or should have been given, or who has obtained, the Product Disclosure Statement for an interest in the scheme.
Note: A Product Disclosure Statement for such interests must indicate that these documents are available on request: subsection 1013D(2B).

           601GAC 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