Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.127

Voidable contracts

             (1)  For section 1444 of the Act, this regulation applies in relation to a contract if:

                     (a)  Chapter 6D of the old Corporations Act applies in relation to an interest in a registered scheme after the FSR commencement; and

                     (b)  a person (the offeror ), in contravention of Chapter 6D of the old Corporations Act, offers the interest in the registered scheme for subscription, or issues an invitation to subscribe for the interest in the registered scheme during the transition period in relation to the registered scheme; and

                     (c)  the contract is entered into by a person (other than the offeror) to subscribe for the interest as a result of the person accepting the offer, or of the acceptance of an offer made by the person in response to the invitation.

             (2)  A reference in section 601MB of the Act to a contract includes the contract mentioned in subregulation (1).

             (3)  Subregulation (2) ceases to apply in relation to the contract at the end of the transition period in relation to the managed investment product to which the contract mentioned in subregulation (1) relates.



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