Western Australian Consolidated Acts Western Australian Consolidated Acts (1) For the purposes
of this section and section 63AE a disqualifying event occurs in relation
to a unit trust scheme that has been registered as a provisional public
trust —
(a) if,
on the last day of the start up period, the scheme is a private unit trust
scheme within the meaning in section 63(2); or
(b)
without limiting paragraph (a), if —
(i)
the start up period begins on the day on which the
prospectus or information memorandum for the scheme is lodged with the
Australian Securities and Investments Commission; and
(ii)
during the start up period, there is a disposition of a
unit that was held in the scheme on the first day of that period.
(2) A disposition
referred to in subsection (1)(b)(ii) is to be disregarded if the
Commissioner is satisfied that in the circumstances of a particular case it is
reasonable to do so.
(3) If a disqualifying
event occurs —
(a) the
Commissioner must cancel the registration of the unit trust scheme as a
provisional public trust;
(b) the
cancellation is taken to have had effect on and from immediately before the
start up period; and
(c) the
unit trustee must, 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 (5).
(4) If the
Commissioner has not been notified of the occurrence of a disqualifying event
but is satisfied that a disqualifying event has occurred —
(a) a
disqualifying event is taken to have occurred and subsection (3)(a) and
(b) apply; and
(b) the
Commissioner must notify the unit trustee of —
(i)
the cancellation under subsection (3)(a) of the
registration of the unit trust scheme as a provisional public trust;
(ii)
the reasons for the cancellation; and
(iii)
when the Commissioner is satisfied that the disqualifying
event occurred.
(5) If the
Commissioner is satisfied that a provisional public trust 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 on the
conveyance or transfer of trust property —
(a) a
disqualifying event is taken to have occurred and subsection (3)(a) and
(b) apply; and
(b) the
Commissioner must notify the unit trustee of the matters referred to in
subsection (4)(b).
(6) For the purposes
of subsection (5), if a conveyance or transfer of the trust property of a
provisional public trust —
(a) is
taken to be made for the purposes of section 73D(4); and
(b)
results solely from the allotment or issue of units in the provisional public
trust during the start up period,
the conveyance or
transfer is to be disregarded in relation to a unit held in the provisional
public trust on the first day of the start up period.
(7) For the purpose of
being satisfied as to a matter referred to in subsection (5), the
Commissioner may take into account any matter that the Commissioner considers
to be relevant.
[Section 63ADB inserted by No. 66 of
2003 s. 22.]