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\[8\].