Project No. 79

Commenced: 1981
Withdrawn: 1984

Section 5(1) of he Companies (Western Australia) Code was introduced primarily to regulate unit trusts. However, as the definition of 'prescribed interests' within the section was very broad, it covered a large range of collective investment schemes, many of which had developed since the legislation was introduced. The legislation covered not only conventional unit trusts (property and share trusts) but also time-sharing of real and personal property, horse racing syndicates, film production syndicates, plantation schemes and gold and silver bullion schemes. It was suggested that the legislation was inappropriate to regulate these investments and also possibly inappropriate to regulate traditional unit trusts.