Document ID: chunk:federal_register_of_legislation:F2021C00174:reg:3:p1
Version: federal_register_of_legislation:F2021C00174
Segment Type: reg
Provision Reference: reg 3 (pt 1/29)
Character Range: 47930–51268

3                                                subsection (18)                            handling of application monies for property development schemes

           Interpretation

              (21) In this section:

              allocation points-based program, in relation to a registered time-sharing scheme, means a points-based program where a person:
                  (a) becomes a member of the scheme by purchasing a specified number of points; and
                  (b) as a member of the scheme, is entitled to be issued with a recurrent right to use scheme property in the form of a periodic allotment of points for:
                     (i)            the duration of the scheme; or
                     (ii)         a specified term of not less than 3 years.
              applicant, in relation to a registered time-sharing scheme, means an applicant for an interest in the scheme, whether by issue or sale.
              associate, in relation to a responsible entity of a registered time-sharing scheme, has the meaning given by section 11, but excludes a natural person who satisfies all of the following:
                  (a) the person holds an interest in the scheme;
                  (b) the person has notified the responsible entity that the person holds the interest for their own personal use;
                  (c) the responsible entity has reasonable grounds to believe the person holds the interests for their own personal use.
              budget means the estimated and itemised material expected income and expenditure for a scheme for a financial year or calendar year.
              cooling-off statement: see paragraph (3)(a).
              cooling-off rights means the rights referred to in paragraph (10)(a).
              hardship application has the same meaning as in subsection 601GA(1B) (as notionally inserted by ASIC Corporations (Time-sharing Schemes) Instrument 2017/272).
              hardship criteria has the same meaning as in subsection 601GA(1C) (as notionally inserted by ASIC Corporations (Time-sharing Schemes) Instrument 2017/272).
              PAYG membership, in relation to a registered time-sharing scheme, means a membership in a PAYG points-based program.
              PAYG points, in relation to a registered time-sharing scheme, means pay-as-you-go points that:
                  (a)          may only be purchased by a member of a PAYG points-based program; and
                  (b)          may be used by the member to obtain the right to use property to which the scheme relates at the time the points are purchased.
              PAYG points-based program, in relation to a registered time-sharing scheme, means a points-based program where a person:
                  (a)          becomes a member of the scheme by purchasing a PAYG membership for a specified term of not less than 3 years; and
                  (b)          as a PAYG member of the scheme is entitled to purchase PAYG points for the duration of that term.
              point, in relation to a registered time-sharing scheme, means a 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