Document ID: chunk:federal_register_of_legislation:F2023C00839:body:0:p4
Version: federal_register_of_legislation:F2023C00839
Segment Type: other
Provision Reference: 
Character Range: 7761–10448

the only contributions that may be used in common with or pooled with any other asset in the scheme are:
(a) money placed in a bank account held by the responsible entity on trust; or
(b) not proprietary rights and no income in which a member has any interest is to be paid or worked out by dividing up a pool; or
(c) used in common or pooled between joint tenants or tenants in common where:
(i) none of the tenants is the responsible entity or an associate of the responsible entity; and
(ii) each tenant is a person known to each other tenant before being offered an interest for issue.

           Forfeited interests

(8) The responsible entity may set the amount of the consideration to acquire interests that have, in accordance with              the constitution, been forfeited to the responsible entity on trust for members of the scheme where all or part of the amount (the outstanding amount) payable by the member in relation to the interest has not been paid when called and both of the following apply:
(a) on the payment of the outstanding amount, the interest would be in a class of interests that are quoted on the financial market operated by ASX Limited;
(b) the sale of the forfeited interest is in accordance with     section 254Q, other than subsections (1), (9), (10) and (13), as if the interests were shares, the scheme were a company and the responsible entity was each director of the company.

           Stapled securities

(9) The responsible entity may set the amount of the consideration to acquire interests that form part of stapled securities if the constitution contains adequate provision for the amount of the consideration to acquire the stapled securities or has provisions about the amount of the consideration to acquire the stapled securities that would be permitted by other subsections of this section or by section 601GAB if the stapled securities were interests in the registered scheme.

           Foreign members

(10) The responsible entity may elect not to make an offer to a foreign member under subsection (3) if the responsible entity:
(a) where the scheme is included in the official list of the financial market operated by ASX Limited—complies with the requirements of Rule 7.7 of the listing rules of the financial market operated by ASX Limited as at 1 July 2015 concerning the treatment of members with a registered address outside Australia and New Zealand that are applicable to the relevant offer and issue of interests; or
(b) where the scheme is not included in the official list of the financial market operated by ASX Limited and the offer is renounceable—appoints a nominee to sell the rights to acquire the interests