Commonwealth legislation

ASIC Class Order [CO 00/0227]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This exempts small, private time‑sharing schemes from the usual prospectus requirement when offering interests. It applies to sellers or offerors only if the scheme is limited to 15 or fewer parties, treats all parties equally (no special advantages), and the promoter is not a commercial time‑share operator.

It matters because it spares small, non‑commercial shared‑use arrangements the expense and formality of full prospectus disclosures.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 00/0227].

ASIC Class Order [CO 00/0227]

Australian Securities and Investments Commission

Corporations Law — Subsection 741(1) — Exemption

Pursuant to subsection 741(1) of the Corporations Law (Law) the Australian Securities and Investments Commission hereby exempts each person in the class of persons mentioned in Schedule A in the case mentioned in Schedule B from Parts 6D.2 and 6D.3 of the Law.

SCHEDULE A

Persons involved in issues, sales or offers as described in Schedule B.

SCHEDULE B

The issue or sale of, or the offer for issue or sale of, rights or interests in a time‑sharing scheme or proposed time-sharing scheme:

(a) which is or will be constituted by an agreement which provides for no more than 15 parties;

(b) under which no party including the promoter is to benefit except on the same basis as opportunities available to each other party; and

(c) which is not promoted by or on behalf of a person, or an associate of a person, whose ordinary business is or includes the promotion of similar schemes, whether or not that person is or is to become a party to the agreement constituting the scheme.

Dated the 9th day of February 2000

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 ASIC Class Order [CO 00/0227]