ASIC Stapling Relief Draft Instrument

Part 1—Preliminary

1 Name of notifiable instrument

This is the ASIC Stapling Relief (Stara Venu CCIV) Instrument 2023/124.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 1243(2)(b) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

Stara Venu Business Sub-Fund means Stara Venu Business SF (ARFN 663 895 190).

Stara Venu CCIV means Stara Venu CCIV (ACN 663 880 500), consisting of the registered sub-funds Stara Venu Business Sub-Fund and Stara Venu Property Sub-Fund.

Stara Venu Property Sub-Fund means Stara Venu Property SF (ARFN 663 895 207).

Part 2—Declaration

5 Modified duties of directors and officers of a CCIV with a stapled structure

(1) Part 8B.3 of the Act applies in relation to the Stara Venu CCIV as if the provisions of that Part were modified or varied as follows:

(a) at the end of paragraph 1224C(2)(c), omit “.”, substitute “; and”;

(b) after paragraph 1224C(2)(c), insert:

“(d) regard is to be had to whether shares referable to the sub-fund referred to in subsection (3) are stapled securities.”;

(c) in subparagraph 1224D(1)(c), after “each sub-fund of the CCIV”, insert: “, provided that in so acting the director must have regard to whether the shares referable to any of the sub-funds are stapled securities”;

(d) after section 1224D, insert:

“1224DA Stapled securities

For the purposes of sections 1224C and 1224D:

stapled security means a share referable to a sub-fund of a CCIV, where:

(a) the share can only be transferred together with a share referable to another sub-fund of the CCIV; and

(b) there are no shares in the same class as the shares referable to either sub-fund which may be transferred separately.”.

(2) The declaration in subsection (1) applies where:

(a) each share referable to the Stara Venu Property Sub-Fund and each share referable to the Stara Business Sub-Fund may only be transferred together; and

(b) the only sub-funds of the Stara Venu CCIV are the Stara Venu Property Sub-Fund and the Stara Venu Business Sub-Fund.