Australian Securities and Investments Commission Class Order [Co 07/642] (Cth)

Australian Securities and Investments Commission

Corporations Act 2001 — Paragraph 601QA(1)(b) — Variation

Enabling legislation

1.       The Australian Securities and Investments Commission (ASIC) makes this instrument under paragraph 601QA(1)(b) of the Corporations Act 2001.

Title

2.         This instrument is ASIC Class Order [CO 07/642].

Commencement

3.         This instrument commences:

(a)        immediately after the commencement of ASIC Class Order

[CO 07/88]; or

(b)        the date this instrument is registered under the Legislative Instruments Act 2003,

whichever is later.

Note:       An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at ASIC Class Order [CO 02/315] is varied by, in paragraph 2, omitting notional paragraph 601GA(1A)(a) and substituting:

“(a)      the responsible entity operating the time-sharing scheme (operator) must ensure that any application for an investment in the scheme is voidable at the option of the applicant during a period of:

(i)         if the operator is a member of the Australian Timeshare & Holiday Ownership Council Limited ACN 065 260 095 and has not been notified in writing by ASIC that it cannot continue to rely on this subparagraph—not less than 7 days; or

(ii)otherwise—not less than 14 days,

commencing on the date on which the applicant acknowledges receipt of the Product Disclosure Statement (including, where applicable, a loose-leaf price list) and the cooling-off statement referred to in paragraph (c);”.

Dated this 21st day of September 2007

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission