251Managed investment schemes

251 Managed investment schemes The following are exempt from duty under this Act— (a) a transfer of property from— (i) a responsible entity of a managed investment scheme; or S. 251(a)(ii) amended by No. 71/2004 s. 27. (ii) a person who held the property as a trustee of a prescribed interest scheme within the meaning of the Corporations Law as in force immediately before 1 July 1998 when the scheme became a registered scheme within the meaning of Division 11 of Part 11.2 of the Corporations Law (as continued in effect by section 1408 of the Corporations Act)— to a custodian or agent of the responsible entity as custodian or agent of the scheme in which the transferor held the property; (b) a transfer of property from the custodian of the responsible entity of a managed investment scheme to the responsible entity; (c) an instrument that— (i) amends, varies or replaces an instrument that establishes or governs a managed investment scheme; and (ii) does not transfer, or have the effect of transferring, any property to a person who does not hold units in the scheme; and (iii) does not have the effect of reducing the number of persons who hold units in the scheme; (d) a declaration— (i) made by a trustee in respect of property that, immediately before the trust is declared, is held by the trustee as trustee of the prescribed interest scheme within the meaning of the Corporations Law as in force immediately before 1 July 1998; and (ii) to hold the property on trust for the responsible entity of the managed investment scheme. Ch. 11 Pt 3A (Heading and s. 251AA) inserted by No. 18/2023 s. 5.