Commonwealth legislation

ASIC Class Order [CO 00/0228]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 exemption lets timeshare owners and their agents sell existing holiday timeshare interests without preparing the costly prospectus normally required under the Corporations Law.

By removing that disclosure burden for secondary sales (except where other specific exemptions already apply), it preserves an affordable resale market for ordinary owners and keeps routine transfers practical.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 00/0228].

ASIC Class Order [CO 00/0228]

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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 section 736 of the Law.

SCHEDULE A

Any person being the holder of one or more interests in a time-sharing scheme and any person acting on behalf of such a person.

SCHEDULE B

An offer for sale of an interest in a time-sharing scheme made by a person mentioned in Schedule A, being an offer for sale to which neither subsection 707(3) of the Law nor subsection 707(5) of the Law applies.

Dated the 9th day of February 2000

Signed by Brendan Byrne

as delegate of the Australian Securities and Investments Commission.

Source text

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