48Imminent public unit trust schemes and imminent wholesale unit trust schemes

#### 48 Imminent public unit trust schemes and imminent wholesale unit trust schemes 48 Imminent public unit trust schemes and imminent wholesale unit trust schemes > > (1) A unit trust scheme that, immediately before the commencement of Schedule 1 to the amending Act, was a public unit trust scheme or a wholesale unit trust scheme as a consequence of the Chief Commissioner giving notice under the former concessionary provisions, is taken to be registered as an imminent public unit trust scheme, or an imminent wholesale unit trust scheme, respectively, under Chapter 4A. > > > (2) Subclause (1) ceases to apply in respect of a unit trust scheme— > > > > > (a) at the end of the period of 12 months after the commencement of this clause, or > > > > > (b) on the occurrence of a disqualifying circumstance (within the meaning of section 124, as in force before the commencement of Schedule 1 to the amending Act) in respect of the unit trust scheme, or > > > > > (c) on the actual registration of the unit trust scheme as an imminent public unit trust scheme, wholesale unit trust scheme or an imminent wholesale unit trust scheme under Chapter 4A, or > > > > > (d) on the unit trust scheme becoming a listed trust or widely held trust, > > > > whichever happens first. > > > (3) Section 124, as in force before the commencement of Schedule 1 to the amending Act, continues to apply in respect of a unit trust scheme that, immediately before the commencement of Schedule 1 to the amending Act, was a public unit trust scheme or a wholesale unit trust scheme as a consequence of the Chief Commissioner giving notice under the former concessionary provisions. > > > (4) In this clause— > > > > former concessionary provisions means the provisions of paragraph (c) of the definition of public unit trust scheme, and paragraph (b) of the definition of wholesale unit trust scheme, as in force immediately before the commencement of Schedule 1 to the amending Act.