Western Australian Consolidated Acts Western Australian Consolidated Acts (1) For the purposes
of this section and section 63AE, a disqualifying event
occurs —
(a) in
the case of a unit trust scheme that has been registered under
section 63AA(2) — if the scheme ceases to comply with a
criterion that is applicable to it referred to in section 63AB(2) or (3);
(b) in
the case of a unit trust scheme that has been granted interim
registration — if, during the start up period, the scheme ceases to
comply with a criterion that is applicable to it referred to in
section 63AB(2)(a), (c) (other than subparagraph (xi)) or (h), or
(3)(a);
(c) in
the case of a unit trust scheme that has been granted interim
registration — if, on the last day of the start up period, the
scheme does not comply with a criterion that is applicable to it referred to
in section 63AB(2)(b), (c), (d), (e), (f) or (g), or (3)(b) or (c); or
(d) in
the case of a unit trust scheme that was established and is managed by a body
corporate and that has been granted interim registration as a pooled
investment trust by virtue of section 63AC(2a) — if, on the
last day of the start up period, the body corporate is not a funds manager (as
defined in section 63AB(2a)).
(2) If a
disqualifying event occurs, the unit trustee shall, within 14 days after
the day on which the disqualifying event occurs, give the Commissioner notice
about the disqualifying event, unless it is taken to have occurred under
subsection (4) or (6).
(3) When the
Commissioner receives a notice under subsection (2) —
(a) in
the case of a unit trust scheme registered under section 63AA(2), the
registration is cancelled and the cancellation is taken to have had effect on
and from immediately before the occurrence of the event; and
(b) in
the case of a unit trust scheme granted interim registration under
section 63AC(2), the interim registration is cancelled and the
cancellation is taken to have had effect on and from immediately before the
start up period.
(4) If the
Commissioner has not been notified of the occurrence of a disqualifying event
but he is satisfied that a disqualifying event has occurred, a disqualifying
event is taken to have occurred and the Commissioner shall —
(a) in
the case of a unit trust scheme registered under section 63AA(2), cancel
the registration;
(b) in
the case of a unit trust scheme granted interim registration under
section 63AC(2), cancel the interim registration; and
(c)
notify the unit trustee of —
(i)
the cancellation;
(ii)
from when the cancellation takes effect;
(iii)
the reasons for the cancellation; and
(iv)
when the Commissioner is satisfied that the disqualifying
event occurred.
(5) Cancellation under
subsection (4) is taken to have had effect —
(a) in
the case of a unit trust scheme registered under section 63AA(2), on and
from immediately before the occurrence of the disqualifying event; or
(b) in
the case of a unit trust scheme granted interim registration under
section 63AC(2), on and from immediately before the start up period.
(6) If the
Commissioner is satisfied that a unit trust scheme registered under
section 63AA(2) or granted interim registration under
section 63AC(2) is being used as part of a scheme or arrangement with the
collateral purpose of avoiding or reducing the duty that otherwise would be or
might become payable, a disqualifying event is taken to have occurred and the
Commissioner shall —
(a)
cancel the registration or interim registration; and
(b)
notify the unit trustee of the matters referred to in subsection (4)(c).
(7) For the purpose of
being satisfied as to a matter referred to in subsection (6), the
Commissioner may take into account any matter that the Commissioner considers
to be relevant.
(8) If a unit trust
scheme registered under section 63AA(2) or granted interim registration
under section 63AC(2) is to be treated as a sub-trust under
section 63AA(2a), a disqualifying event is taken to have occurred and the
Commissioner shall —
(a)
cancel the registration or interim registration; and
(b)
notify the unit trustee of the matters referred to in subsection (4)(c).
[Section 63AD inserted by No. 36 of 2001
s. 27; amended by No. 2 of 2003 s. 36; No. 66 of 2003
s. 21.]