1ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681

---

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 title: New LI 13-519 (draft)_comments

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681

I, Amanda Zeller, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date 22 September 2023   

 

Amanda Zeller

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Declaration

5 Removal of responsible entity

Part 3—Repeal

6 Repeal

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 601QA(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Declaration

5 Removal of responsible entity

Chapter 5C of the Act applies to all persons as if section 601FM were modified or varied by, after subsection (1), inserting:

“(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