Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p2
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 2/29)
Character Range: 51016–54059

unit of measurement of the amount payable for the use of property to which the scheme relates.
              points-based program, in relation to a registered time-sharing scheme, means a program where members of the scheme can use points to obtain the right to use property to which the scheme relates.
              property development scheme means a registered time-sharing scheme where, at the time an application is received for an interest in the scheme where that interest relates to a property under construction, the relevant property has not been completed to a stage where it is ready for occupation.
              registered time-sharing scheme means a time-sharing scheme:
                  (a) registered in accordance with section 601ED; and
                  (b) that has not at any time been promoted by its operator as a means of generating a financial return other than by way of a rental pool.
              related finance provider means a person who:
                  (a) is an associate of the responsible entity of a registered time-sharing scheme; and
                  (b) provides loans for the purchase of interests in the scheme.
              rental pool, in relation to a time-sharing scheme, means an arrangement conducted by the operator of the scheme where members of the scheme authorise the operator to manage and rent to third parties the rights to use property under the scheme and to pool the rental income received for pro-rata distribution to each holder.
              subject to finance notice: see paragraph (3)(d).
              subject to finance rights means the rights referred to in paragraph (10)(b).

           912AK Approved forms of statements
              (1)          The statement set out below is the cooling-off statement referred to in paragraph 912AJ(3)(a).
    COOLING-OFF PERIOD FOR THE [INSERT NAME OF SCHEME] TIME-SHARING SCHEME

    Your right to change your mind
    You may withdraw your offer or terminate your agreement to purchase an interest in this time-sharing scheme within [ *** ] [1] days after the Acknowledgment Date.
    The Acknowledgment Date is the date when you sign an acknowledgment that you have received all the relevant documents relating to the time-sharing scheme (these are the application form, the Product Disclosure Statement, any loose-leaf price list, this cooling-off statement and if relevant a subject to finance notice).

    How can I exercise my right?
    You may exercise your right to withdraw from the purchase by giving the responsible entity of the scheme a notice to that effect. The recommended form of written notice is attached to this statement.
    You may give a notice to the responsible entity by one of the following:

         * email: [responsible entity's email address];
         * fax: [responsible entity's fax number]; or
         * post: [responsible entity's postal address].
    Remember to cancel your loan application: If you have already signed an application with an 'offer to borrow' and you exercise your