Section 1224P — Corporations Act 2001: Retail CCIV—limitation on right of corporate director to acquire shares in CCIV

(1) The corporate director of a retail CCIV may acquire and hold a share in the CCIV, but the corporate director must only do so: (a) for not less than the consideration that would be payable if the share were acquired by another person; and (b) subject to terms and conditions that would not disadvantage other members. Note: If the corporate director holds a share in the CCIV, the corporate director does so subject to section 253E, as affected by section 1228G (certain members cannot vote or be counted). (2) A corporate director who contravenes subsection (1), and any person who is involved in a corporate director’s contravention of that subsection, contravenes this subsection. Note 1: Section 79 defines involved. Note 2: This subsection is a civil penalty provision (see section 1317E). (3) A person must not intentionally be involved in a corporate director’s contravention of subsection (1).