Section 1224Y — Corporations Act 2001: Members fail to appoint permanent corporate director

(1) This section applies if: (a) a temporary corporate director is appointed by the Court under section 1224V; and (b) within the period applicable under subsection 1224W(3), the temporary corporate director calls one or more members’ meetings to consider and vote on a special resolution choosing a company to be the permanent corporate director; and (c) the CCIV’s members do not pass a special resolution choosing a permanent corporate director. (2) An application to the Court for a winding up of all the sub-funds of the CCIV must be made by the corporate director of the CCIV. Note: For provisions about winding up a sub-fund of a CCIV, see Division 5 of Part 8B.6. (3) An application to the Court for a winding up of all the sub-funds of the CCIV may be made by any of the following, if the corporate director does not do so: (a) ASIC; (b) a member, or group of members, of the CCIV. (4) On an application under this section, the Court may: (a) order the winding up of all the sub-funds of the CCIV; and (b) make any further orders that the Court considers appropriate.