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CORPORATIONS ACT 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.6 - MEMBERS' RIGHTS TO WITHDRAW FROM A SCHEME  

SECTION 601KD  

601KD  NON-LIQUID SCHEMES - HOW PAYMENTS ARE TO BE MADE  

The responsible entity of a registered scheme that is not liquid must ensure that withdrawal requests made in response to a withdrawal offer are satisfied within 21 days after the offer closes. No request made under the withdrawal offer may be satisfied while the offer is still open. If an insufficient amount of money is available from the assets specified in the offer to satisfy all requests, the requests are to be satisfied proportionately in accordance with the formula:
Amount of money
available
×Amount member
   requested to withdraw   
Total of all amounts
members request to
withdraw


 



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