10Application of amendments made by Corporations (Amendment) Instrument 2020/1064

10 Application of amendments made by Corporations (Amendment) Instrument 2020/1064

(1) The amendments made by Schedule 1 to the ASIC Corporations (Amendment) Instrument 2020/1064 (amending instrument) apply on and from commencement of the amending instrument.

(2) The amendments made by Schedule 2 to the amending instrument apply on and from commencement of the amending instrument in relation to a registered time-sharing scheme that was being not operated immediately before the commencement of the amending instrument.

Note: Until the amendments made by Schedule 2 of the amending instrument apply in relation to a scheme, among other matters, the provisions of this instrument that were in force immediately before commencement of the amending instrument and that are omitted by those amendments will continue to apply in relation to the scheme.

(3) The amendments made by Schedule 2 to the amending instrument apply, in relation to a registered time-sharing scheme that was being operated immediately before the commencement of the amending instrument, on and from the first to occur of:

(a) the constitution of the scheme being modified or repealed and replaced so that it includes provisions (hardship provisions) to the effect of paragraphs 601GA(1A)(a) to (l) of the Act (as notionally inserted or to be notionally inserted into the Act as a result of the amending instrument);

(b) unless subsection (4) applies in relation to the scheme—30 September 2021.

(4) This subsection applies in relation to a registered time-sharing scheme that was being operated immediately before the commencement of the amending instrument if either of the following apply:

(a) the responsible entity decides that it would not be in the best interest of members of the scheme for the constitution of the scheme to be modified or repealed and replaced to include the hardship provisions and notifies members of that decision on or before 30 September 2021;

(b) on or before 30 September 2021, members of the scheme vote on, but do not pass, a special resolution to modify or repeal and replace the constitution to include the hardship provisions.

(5) The amendments made by Schedule 3 to the amending instrument apply in relation to a registered time-sharing scheme on and from the first to occur of:

(a) the amendments made by Schedule 2 to the amending instrument applying in relation to the scheme;

(b) 30 September 2021.