Commonwealth Consolidated Acts Commonwealth Consolidated ActsWho may apply for deregistration
(1) An application to deregister a sub - fund of a CCIV may be lodged with ASIC by:
(a) the CCIV; or
(b) the corporate director of the CCIV; or
(c) a liquidator of the sub - fund.
If the CCIV lodges the application, it must nominate a person to be given notice of the deregistration.
Circumstances in which application can be made
(2) A person may apply only if:
(a) the sub - fund has no assets or liabilities; and
(b) the CCIV is not a party to any legal proceedings that relate to the sub - fund.
(3) The application must be in the prescribed form.
ASIC may ask for information about officers
(4) The applicant must give ASIC any information that ASIC requests about the following officers:
(a) the current and former officers of the CCIV;
(b) the current and former officers of the corporate director of the CCIV.
Deregistration procedure
(5) If:
(a) ASIC decides to deregister the sub - fund under this section; and
(b) ASIC is not aware of any failure to comply with subsections (1) to (4);
ASIC must:
(c) give notice of the proposed deregistration on ASIC database; and
(d) publish notice of the proposed deregistration in the prescribed manner.
(6) When 2 months have passed since the publication of the notice under paragraph (5)(d), ASIC may deregister the sub - fund.
(7) ASIC must give notice of the deregistration to:
(a) the applicant; or
(b) the person nominated in the application to be given the notice.
Notices taken to have been given under section 601AA
(8) For the purposes of the provisions of this Act (other than a provision of this Chapter):
(a) a notice given under paragraph (5)(c) is taken to have been given under paragraph 601AA(4)(c); and
(b) a notice published under paragraph (5)(d) is taken to have been published under subsection 601AA(4)(d).
ASIC must not deregister a sub - fund that is an Australian passport fund if the fund has certain members
(9) However, ASIC must not decide, under this section, to deregister a sub - fund that is an Australian passport fund if:
(a) there are members of the fund who became members (whether in this jurisdiction or any host economy for the fund) after the fund became an Australian passport fund; or
(b) there are members of the fund who became members (whether in this jurisdiction or any host economy for the fund) on the expectation that the fund would become an Australian passport fund.
(10) For the purposes of subsection (9), ignore any member of the fund that:
(a) is, or has at any time been, the operator of the fund; or
(b) is a related party of an entity that is, or has at any time been, the operator of the fund.
Note: See section 1216B for the circumstances in which a person becomes a member of a fund on the expectation that it would become an Australian passport fund.