Commonwealth legislation

ASIC Class Order [CO 98/57]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

5/10 complexity

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.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 98/57].

ASIC Class Order [CO 98/57]

[CO 98/57]

Exemption from calling a meeting of unitholders under s1457

Policy Statement 135

Class 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.

Australian Securities & Investments Commission

Corporations Law Paragraph 601QA(1)(a) Exemptions

Pursuant 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.

Schedule - the cases

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.
Where:

(a) all holders of prescribed interests were issued all their interests in the scheme by excluded issue; and

(b) all holders of prescribed interests have agreed in writing that the scheme is not required to be registered; and

(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.

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.

Dated the 20th day of July 1998

Signed by Debra Russell

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.

1 ASIC Class Order [CO 98/57]