Commonwealth Consolidated Acts

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Process for ASIC initiated deregistration of a sub-fund

             (1)  If ASIC decides under section 1239A to deregister a sub-fund of a CCIV, it must:

                     (a)  give notice setting out the date on which ASIC proposes to deregister the sub-fund:

                              (i)  to the CCIV; and

                             (ii)  to the liquidator of the sub-fund (if any); and

                            (iii)  to the corporate director; and

                            (iv)  on the ASIC database; and

                     (b)  publish notice of the date on which ASIC proposes to deregister the sub-fund in the prescribed manner.

             (2)  A notice under paragraph (1)(a) must be given at least 5 business days before the sub-fund is deregistered.

             (3)  ASIC may deregister the sub-fund if:

                     (a)  5 business days have passed since the publication of the notice under paragraph (1)(b); and

                     (b)  at the time ASIC deregisters the sub-fund, ASIC has reason to believe that there is no property of the CCIV to which section 1233K (about property that has to be converted) applies.

             (4)  ASIC does not have to give a person notice under paragraph (1)(a) if ASIC does not have the necessary information about the person's identity or address.

             (5)  If ASIC deregisters a sub-fund of a CCIV under this section, ASIC must give notice that the fund has been deregistered, and the date on which it has been deregistered, to everyone who was notified of the proposed deregistration under subparagraph (1)(a)(ii) or (iii).

             (6)  The notice must be given within 5 business days after the sub-fund is deregistered.

Notices taken to have been given under section 601AB

             (7)  For the purposes of the provisions of this Act (other than a provision of this Chapter):

                     (a)  a notice given under paragraph (1)(a) is taken to have been given under paragraph 601AB(3)(a); and

                     (b)  a notice published under paragraph (1)(b) is taken to have been published under subsection 601AB(3)(b).

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