Commonwealth legislation

ASIC Class Order [CO 98/60]

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 order protects investors in managed investment schemes by requiring that any special procedure set out in a scheme's constitution for changing or cancelling class rights must be followed — a general or ordinary resolution cannot override those bespoke protections. It affects responsible entities and scheme members, ensuring negotiated rights for particular investor classes cannot be stripped away by a broader majority.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 98/60].

ASIC Class Order [CO 98/60]

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Australian Securities and Investments Commission

Corporations Law Paragraph 601QA(1)(b) Declaration

Pursuant to paragraph 601QA(1)(b) of the Corporations Law ("Law") the Australian Securities and Investments Commission hereby declares that Chapter 5C applies to each responsible entity as if the following words were added at the end of subsection 601GC(1) of the Law:

"If the constitution of a scheme sets out a procedure for varying or cancelling rights of a class of members of the scheme, or rights attached to a class of interests under the scheme, those rights may be varied or cancelled by a resolution under paragraph (a) only if that procedure is complied with."

Dated 10th day of July 1998

Signed by George Durbridge

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.