Section 101 - ASIC Corporations (Time-sharing Schemes) Instrument 2017/272 - Definitions

101 Definitions

In this Schedule:

accommodation usage fee means a fee or cost that a member of a registered time-sharing scheme may incur to use scheme accommodation in:

(a) the way that is disclosed in the Product Disclosure Statement for the scheme; or

(b) a way that a reasonable person would expect scheme accommodation could be used based on advertisements or other promotional material for the interest in the scheme;

but does not include a cost:

(d) that is paid or payable out of the levies for the scheme;

Example 1: Fees or costs for housekeeping or cleaning services that are usually charged to the member for accommodation bookings is an accommodation usage fee.

Example 2: The cost of membership of an exchange company that may be acquired if the member elects to become a member is not an accommodation usage fee.

allocation points-based program, in relation to a registered time-sharing scheme, means a points-based program where a person:

(a) becomes a member of the scheme by purchasing a specified number of points in relation to the scheme; and

(b) as a member of the scheme is entitled to be issued with a recurrent right to use scheme property in the form of a periodic allotment of points for:

(i) the duration of the scheme; or

(ii) a specified term of not less than 3 years.

budget means the estimated and itemised material expected income and expenditure for a scheme for a financial year or calendar year.

establishment fee means an amount paid or payable for the establishment of a person’s membership of a registered time-sharing scheme that is in addition to the purchase price for the interest in the scheme.

finance application fee means an amount paid or payable by an applicant to enter into a financing arrangement for an interest in a registered time-sharing scheme.

financing arrangement means an arrangement under which:

(a) financial accommodation is provided by a person in connection with an applicant’s acquisition of an interest in a registered time-sharing scheme; and

(b) the person who provides the financial accommodation is introduced to the applicant by the issuer or seller of the interest in the scheme or their associate.

fixed period, in relation to an interval-based program, means a specified period of time in a calendar year that is fixed for the same period each year.

floating period, in relation to an interval-based program, means a period of time between a range of dates.

<table cellspacing="0" cellpadding="0" style="width:354pt; margin-left:85.08pt; border:2.25pt solid #000000; border-collapse:collapse"><tbody><tr style="height:54.35pt"><td rowspan="2" style="width:73.45pt; border-right:2.25pt solid #000000; border-bottom:1.5pt solid #000000; vertical-align:top; background-color:#ffffff">Membership option</td><td colspan="3" style="width:153.65pt; border-right:2.25pt solid #000000; border-left:2.25pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:top; background-color:#ffffff">Purchase price (incl. fees)</td><td colspan="2" style="width:118.25pt; border-left:2.25pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:top; background-color:#ffffff">[Insert column if relevant] Additional amounts under financing arrangement2</td></tr><tr style="height:106.85pt"><td style="width:43.3pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:2.25pt solid #000000; border-bottom:1.5pt solid #000000; vertical-align:top; background-color:#ffffff">Points</td><td style="width:46.55pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; vertical-align:top; background-color:#ffffff">Price per point</td><td style="width:62.3pt; border-top:0.75pt solid #000000; border-right:2.25pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; vertical-align:top; background-color:#ffffff">Total cost of points (incl. fees)1</td><td style="width:55.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:2.25pt solid #000000; border-bottom:1.5pt solid #000000; vertical-align:top">Upfront finance costs</td><td style="width:62.3pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; vertical-align:top">Total cost of points (incl. upfront finance costs)</td></tr><tr style="height:48.8pt"><td style="width:73.45pt; border-top:0.75pt solid #000000; border-right:2.25pt solid #000000; vertical-align:top">[Insert membership option(s)]</td><td style="width:43.3pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:2.25pt solid #000000; vertical-align:top"></td><td style="width:46.55pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; vertical-align:top"></td><td style="width:62.3pt; border-top:0.75pt solid #000000; border-right:2.25pt solid #000000; border-left:0.75pt solid #000000; vertical-align:top"></td><td style="width:55.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:2.25pt solid #000000; vertical-align:top"></td><td style="width:62.3pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; vertical-align:top"></td></tr></tbody></table> ``` <table cellspacing="0" cellpadding="0" style="margin-left:78.65pt; border:1pt solid #000000; border-collapse:collapse"><tbody><tr><td colspan="2" style="width:342.95pt; border-bottom:0.75pt solid #000000; padding-right:4.9pt; padding-left:4.9pt; vertical-align:top">Accommodation Example</td></tr><tr><td style="width:99.95pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:4.9pt; vertical-align:top">Membership option</td><td style="width:232.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:4.9pt; padding-left:5.03pt; vertical-align:top">[Insert most common membership option]</td></tr><tr><td style="width:99.95pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:4.9pt; vertical-align:top">Accommodation</td><td style="width:232.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:4.9pt; padding-left:5.03pt; vertical-align:top">[Insert description of most popular accommodation, including details of the resort location and room type]</td></tr><tr><td style="width:99.95pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:4.9pt; vertical-align:top">Period of stay</td><td style="width:232.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:4.9pt; padding-left:5.03pt; vertical-align:top">[Insert dates]</td></tr><tr><td style="width:99.95pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:4.9pt; vertical-align:top">Points required</td><td style="width:232.2pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:4.9pt; padding-left:5.03pt; vertical-align:top">[Insert number of points] points to secure accommodation for that stay</td></tr></tbody></table> ```

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