Responsible entity may apply for deregistration
(1) The responsible entity of the registered scheme may lodge an application for deregistration of the scheme with ASIC.
(2) The responsible entity may only apply if:
(a) the scheme:
(i) has 20 or less members (calculated in accordance with subsection 601ED(4)) and all the members agree that the scheme should be deregistered; and
(ii) is not required to be registered by paragraph 601ED(1)(b) or (c); or
(b) because of subsection 601ED(2) (exemption based on Division 2 of Part 7.9 not applying), the scheme is not required to be registered and all the members agree that the scheme should be deregistered; or
(c) the scheme is not a managed investment scheme.
(3) If ASIC is satisfied that the application complies with subsections (1) and (2), it must give notice of the proposed deregistration:
(a) on the national database; and
(b) in the Gazette .
When 2 months have passed since the Gazette notice, ASIC may deregister the scheme.
(4) ASIC must give notice of the deregistration to the applicant.