Commonwealth Consolidated Acts Commonwealth Consolidated ActsApplication
(1) The operator of the fund may lodge an application with ASIC for deregistration of the fund as a registered scheme.
Note: The responsible entity of a registered scheme that is an Australian passport fund is also the operator of the fund. In this Division, the responsible entity is referred to as the operator.
(2) The application must be in the prescribed form.
ASIC to deregister
(3) On an application under subsection (1), ASIC must deregister the fund as a registered scheme if:
(a) the fund satisfies one of the criteria mentioned in paragraphs 601PA(2)(a), (b) and (c) (usual grounds on which a registered scheme can be voluntarily deregistered); and
(b) there are no 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; and
(c) there are no 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.
(4) For the purposes of subsection (3), 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.