157AGDisqualifying circumstances

157AG Disqualifying circumstances

157AG Disqualifying circumstances

(1) A disqualifying circumstance occurs in relation to a unit trust scheme if—

(a) the unit trust scheme would no longer be able to be registered under this division if an application for registration were to be made for the scheme, or

(b) there is a failure to comply with a condition to which the registration of the unit trust scheme is subject.

(2) The responsible entity for a unit trust scheme that is registered under this division must give the Chief Commissioner written notice of a disqualifying circumstance within 28 days after it occurs.

Maximum penalty—500 penalty units.

(3) If the responsible entity fails to give the notice under subsection (2) and duty becomes chargeable under section 157AH, the responsible entity must pay a penalty amount to the Chief Commissioner equal to twice the amount of duty chargeable.

(4) The penalty amount is payable in addition to—

(a) the duty payable, and

(b) a penalty that may be payable under subsection (2).

s 157AG: Ins 2023 No 26, Sch 1[8].