Section 1224C — Corporations Act 2001: General duties owed by officers

(1) Division 1 of Part 2D.1 (about general duties) applies to a CCIV with the modifications set out in this section. (2) In applying Division 1 of Part 2D.1 (about general duties) in relation to an officer (other than a director) of a CCIV: (a) treat references to the best interests of the corporation as instead being references to the best interests of the sub-fund referred to in subsection (3); and (b) treat references to causing detriment to the corporation as instead being references to causing detriment to the sub-fund referred to in subsection (3); and (c) treat references to the business operations of the corporation as instead being references to the business operations of the sub-fund referred to in subsection (3). (3) The sub-fund is: (a) for a receiver, or receiver and manager, of the property of a sub-fund of the CCIV—the sub-fund; or (b) for a liquidator of a sub-fund of the CCIV—the sub-fund; or (c) for a trustee or other person administering a compromise or arrangement made between the CCIV and someone else—the sub-fund on whose members or creditors the compromise or arrangement is binding.