Section 1224ZB — Corporations Act 2001: Effect of change of corporate director on documents etc. to which former corporate director is party

(1) If the corporate director of a CCIV changes, a document relating to the CCIV: (a) to which the former corporate director is a party, in which a reference is made to the former corporate director, or under which the former corporate director has acquired or incurred a right, obligation or liability, or might have acquired or incurred a right, obligation or liability if it had remained the corporate director; and (b) that is capable of having effect after the change; has effect as if the new corporate director (and not the former corporate director) were a party to it, were referred to in it or had or might have acquired or incurred the right, obligation or liability under it. (2) Subsection (1) does not apply to a right, obligation or liability that remains a right, obligation or liability of the former corporate director because of subsection 1224ZA(2).