(1) The responsible entity of a registered scheme that is not liquid may offer
members an opportunity to withdraw, wholly or partly, from the scheme to the
extent that particular assets are available and able to be converted to money
in time to satisfy withdrawal requests that members may make in response to
the offer.
(2) The withdrawal offer must be in writing and be made:
- (a)
- if the
constitution specifies procedures for making the offerin accordance with
those procedures; or
- (b)
- otherwiseby giving a copy of the offer to all members of the scheme
or to all members of a particular class.
(3) The withdrawal offer must specify:
- (a)
- the period during which the offer
will remain open (this period must last for at least 21 days after the offer
is made); and
- (b)
- the assets that will be used to satisfy withdrawal requests; and
- (c)
- the amount of money that is expected to be available when those assets are
converted to money; and
- (d)
- the method for dealing with withdrawal requests if the money available is
insufficient to satisfy all requests.
The method specified under paragraph (d) must comply with
section 601KD.
(4) For joint members, a copy of the withdrawal offer need only be given to
the joint member named first in the register of members.
(5) As soon as practicable after making the withdrawal offer, the responsible
entity must lodge a copy of the offer with ASIC.