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CORPORATIONS ACT 2001 - SECT 601FG

Acquisition of interest in scheme by responsible entity

             (1)  The responsible entity of a registered scheme may acquire and hold an interest in the scheme, but it must only do so:

                     (a)  for not less than the consideration that would be payable if the interest were acquired by another person; and

                     (b)  subject to terms and conditions that would not disadvantage other members.

Note :          If the responsible entity holds an interest in the scheme, it does so subject to section 253E (certain members cannot vote or be counted).

             (2)  A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity's contravention of that subsection, contravenes this subsection.

Note 1:       Section 79 defines involved.

Note 2:       Subsection (2) is a civil penalty provision (see section 1317E).

             (3)  A person must not intentionally be involved in a responsible entity's contravention of subsection (1).



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