(1) A retail CCIV may offer members an opportunity to redeem shares in the CCIV if:
(a) section 1230H (about when a sub-fund is liquid) does not apply to the sub-fund to which the shares are referable; and
(b) the offer is made to the extent that particular assets of the sub-fund are available and able to be converted to money in time to satisfy redemption requests that members may make in response to the offer; and
(c) no other redemption offer is open in relation to the sub-fund.
(2) The redemption offer must:
(a) be in writing; and
(b) if the constitution of the CCIV specifies procedures for making redemption offers under this section while section 1230H does not apply to the sub-fund--be made in accordance with those procedures.
(3) The redemption offer must specify:
(a) the period during which the offer will remain open (this period must last for at least 21 days after the offer is made); and
(b) the assets that will be used to satisfy redemption requests; and
(c) the amount of money that is expected to be available when those assets are converted to money; and
(d) the method for dealing with redemption requests if the money available is insufficient to satisfy all requests.
The method specified under paragraph (d) must comply with section 1230K.
(4) For joint members, a copy of the redemption offer need only be given to the joint member named first in the register of members.
(5) As soon as practicable after making the redemption offer, the CCIV must lodge a copy of the offer with ASIC.
(6) A CCIV that makes a redemption offer under this section:
(a) may cancel a redemption offer before it closes if the offer contains a material error; and
(b) must cancel a redemption offer before it closes if it is in the best interests of the members of the sub-fund as a whole to do so.
(7) If the constitution of the CCIV specifies procedures for cancelling redemption offers under subsection (6), the cancellation must be made in accordance with those procedures.
(8) As soon as practicable, and in any event within 2 business days, after the cancellation, the CCIV must lodge written notice of the cancellation with ASIC.
Strict liability offence
(9) An offence based on subsection (5) or (8) is an offence of strict liability.