Responsible entity may apply for deregistration

(1) The responsible entity of a 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 Chapter 6D 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 .