Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 601NC

Winding up if scheme's purpose accomplished or cannot be accomplished

             (1)  If the responsible entity of a registered scheme considers that the purpose of the scheme:

                     (a)  has been accomplished; or

                     (b)  cannot be accomplished;

it may, in accordance with this section, take steps to wind up the scheme.

             (2)  The responsible entity must give to the members of the scheme and to ASIC a notice in writing:

                     (a)  explaining the proposal to wind up the scheme, including explaining how the scheme's purpose has been accomplished or why that purpose cannot be accomplished; and

                     (b)  informing the members of their rights to take action under Division 1 of Part 2G.4 for the calling of a members' meeting to consider the proposed winding up of the scheme and to vote on any extraordinary resolution members propose about the winding up of the scheme; and

                     (c)  informing the members that the responsible entity is permitted to wind up the scheme unless a meeting is called to consider the proposed winding up of the scheme within 28 days of the responsible entity giving the notice to the members.

             (3)  If no meeting is called within that 28 days to consider the proposed winding up, the responsible entity may wind up the scheme.



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