Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p4
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 4/11)
Character Range: 27897–30822

that may be cast at a meeting of scheme may call and arrange to hold a meeting of the scheme's members to consider and vote on a special resolution to modify or repeal and replace the constitution the constitution to include provisions to the effect of paragraphs 601GA(1A)(a) to (l) at the expense of those members.

              Note: The responsible entity must act in the best interests of the members in exercising the power in subsections (1) and (5) to modify, or repeal and replace the constitution: see paragraph 601FC(1)(c).".

8B Obligations on a holder of an Australian financial services licence
Part 7.6 (other than Divisions 4 and 8) of the Act applies to a financial services licensee as if it were modified or varied by inserting the following sections in their relative order in Division 3 of Part 7.6:

           "912AJ Requirements for the provision of time-sharing interests
           Application
              (1) Subsections (3) to (19) apply to a licensee that is the responsible entity of a registered time-sharing scheme.
              (2) Subsections (3) to (9) also apply to a licensee that is an associate of a responsible entity of a registered time-sharing scheme if the licensee:
(a) holds an Australian financial services licence authorising it to advise and deal in interests in a registered time-sharing scheme; and
(b) provides financial product advice to consumers about interests in a registered time-sharing scheme.
              (3) A licensee must ensure each application form relating to an offer of interests for issue or sale by the licensee in the registered time-sharing scheme:
                  (a) is accompanied by a separate written statement (cooling-off statement) in the form set out in subsection 912AK(1); and
                  (b) is accompanied by the Product Disclosure Statement in relation to the interests if:
                     (i) in any case—a Product Disclosure Statement is required to be given to the applicant in relation to the offer under Part 7.9; or
                     (ii) in the case of an offer for sale—a Product Disclosure Statement would have been required to be given under Part 7.9 if the offer had been an offer for issue; and
                  (c) contains a question about whether the applicant intends to seek finance to pay for the interest in the time-sharing scheme and a description of an applicant's subject to finance right to withdraw under paragraph (10)(b), and how those rights may be exercised; and
                  (d) is accompanied by a separate written notice (subject to finance notice) in the form set out in subsection 912AK(2).
              (4) A licensee must not require an applicant to accept any finance offered to the applicant.
              (5) A licensee must take reasonable steps to ensure an applicant is given a spoken warning (verbal consumer warning) consisting of the words set out in subsection