{"id":"F2008B00016","name":"ASIC Class Order [CO 98/57]","slug":"asic-class-order-co-98-57","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":72113,"registerId":"commonwealth-F2008B00016-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 98/57]","content":"\\[CO 98/57\\]\n\nExemption from calling a meeting of unitholders under s1457\n\nPolicy Statement 135\n\nClass Order \\[98/57\\] provides some relief to management companies from the requirement to call a unitholders meeting under s1457 in certain circumstances where the managed investment scheme is not required to be registered under s601ED. See Policy Statement 135 at PS 135.47.\n\nAustralian Securities & Investments Commission\n\nCorporations Law Paragraph 601QA(1)(a) Exemptions\n\nPursuant to paragraph 601QA(1)(a) of the Corporations Law the Australian Securities and Investments Commission hereby exempts the management company in the cases specified in the Schedule from section 1457 of the Law.\n\nSchedule - the cases\n\n1.  The holders of prescribed interests have agreed that section 1453 of the Law shall cease to apply to their interests under section 1453 and, as at one year after the commencement, the undertaking to which the interest relate would not be required to be registered under section 601ED of the Law if Division 11 of Part 11.2 of the Law did not apply.\n\n2. Where:\n\n(a) all holders of prescribed interests were issued all their interests in the scheme by excluded issue; and\n\n(b) all holders of prescribed interests have agreed in writing that the scheme is not required to be registered; and\n\n(c) the management company has lodged a notice that there will be no meeting under paragraph 1457(1)(a) because of paragraphs (a) and (b) of this instrument.\n\n3. The scheme has commenced being wound up before one year after the commencement. In this case the exemption ceases to apply on 30 June 2000.\n\nDated the 20th day of July 1998\n\nSigned by Debra Russell\n\nas delegate of the Australian Securities and Investments Commission","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":3763},"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"This is the original 1998 instrument as made. The scope remains limited to the specific exemption from section 1457 meeting requirements for unregistered managed investment schemes, with no evidence of expansion beyond this original purpose."},"complexity_factors":["Multiple cross-references to Corporations Law sections (601QA(1)(a), 1457, 1453, 601ED, Division 11 of Part 11.2)","Use of superseded legal terminology ('prescribed interests', 'Corporations Law') that pre-dates the 2001 Financial Services Reform Act","Cumulative conditions in Case 2 requiring satisfaction of all three sub-paragraphs (a), (b), and (c) simultaneously","Temporal limitations tied to 'the commencement' of the legislation and specific calendar dates (30 June 2000)","Technical defined terms including 'excluded issue' and 'management company' requiring knowledge of fundraising and managed investment scheme law"],"plain_english_summary":"This Class Order lets managers of certain investment schemes that are exempt from ASIC registration skip the usual requirement to hold annual unitholder meetings. It applies only in limited cases — where investors have agreed to opt out of particular statutory protections, where interests were private “excluded” offers with investor consent and a lodged notice, or where the scheme is winding up (the wind-up exemption had a prior sunset) — reducing legal and administrative burden for small or private schemes."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-98-57","history":"/api/acts/asic-class-order-co-98-57/history","analysis":"/api/acts/asic-class-order-co-98-57/analysis","conflicts":"/api/acts/asic-class-order-co-98-57/conflicts","importantCases":"/api/acts/asic-class-order-co-98-57/important-cases","documents":"/api/acts/asic-class-order-co-98-57/documents"}}