Commonwealth legislation

ASIC Class Order [CO 01/1541]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

3/10 complexity

This rule gives investors in listed managed investment schemes a clear, enforceable route to remove the scheme’s manager: holders of at least 5% of voting rights—or 100 individual investors—can force a meeting (and 5% can even call it themselves), with courts able to order a meeting if needed. It affects listed scheme members and responsible entities by aligning manager accountability with shareholder-style removal rights.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 01/1541].

ASIC Class Order [CO 01/1541]

Australian Securities and Investments Commission
Corporations Act 2001 – Subsection 601QA(1) – Declaration

Under subsection 601QA(1) of the Corporations Act 2001 (the Act) the Australian Securities and Investments Commission hereby declares that Chapter 5C of the Act applies to all persons as if section 601FM were modified by adding the following subsection after subsection (1):

“(1A) Without limiting the generality of subsection (1), in the case of a registered scheme that is listed:

(a) the responsible entity must call and arrange to hold a meeting of the members to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity on the request of:

(i) members with at least 5% of the votes that may be cast on the resolution; or

(ii) at least 100 members who are entitled to vote on the resolution; and

(b) members who hold interests carrying at least 5% of the votes that may be cast at a meeting of the members may call and arrange to hold a meeting of the members to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity; and

(c) the Court may order a meeting of the members to be called to consider and vote on proposed resolutions to remove the responsible entity and choose a new responsible entity if it is impracticable to call the meeting in any other way.”

Dated this 11th day of December 2001.

Signed by Stephen Yen
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.