Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 1224Q — Exercise of powers while sub-fund is in liquidation
Powers of corporate director while sub-fund in liquidation (1) The corporate director of a CCIV contravenes this subsection if: (a) a sub-fund of the CCIV is being wound up, or a provisional…
Section 1224R — Changes only take effect when ASIC alters record of registration
Despite anything in this Subdivision, the company named in ASIC’s record of registration as the corporate director or temporary corporate director of a CCIV remains the CCIV’s corporate director…
Section 1224S — CCIV does not have an eligible corporate director
If a CCIV does not have a corporate director that meets the requirements of section 1224F, an application to the Court for the appointment of a temporary corporate director of the CCIV under section…
Section 1224T — Retirement of corporate director
(1) If the corporate director of a CCIV wants to retire as corporate director, it must call a members’ meeting to explain its reason for wanting to retire and to enable the members to vote on a…
Section 1224U — Replacement of corporate director by members
(1) If members of a CCIV want to replace the corporate director, the members may take action under Part 2G.4 (as that Part applies to the CCIV under section 1228A) for the calling of a meeting of the…
Section 1224V — Appointment of temporary corporate director by Court
(1) On application under section 1224S or subsection 1224T(6) or 1224X(2), the Court may: (a) if the CCIV has a current corporate director—order the removal of the current corporate director; and (b)…
Section 1224W — Temporary corporate director to initiate appointment of permanent corporate director
(1) This section applies if the Court appoints a temporary corporate director of a CCIV under section 1224V. (2) The temporary corporate director must, within the period applicable under subsection…
Section 1224X — Temporary corporate director fails to initiate appointment of permanent corporate director
(1) This section applies if: (a) a temporary corporate director is appointed by the Court under section 1224V; and (b) the temporary corporate director fails to call a members’ meeting to consider…
Section 1224Y — 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…
Section 1224Z — Former corporate director to hand over books and provide reasonable assistance
(1) If the corporate director of a CCIV changes, the former corporate director must: (a) as soon as practicable give the new corporate director any books in the former corporate director’s possession…
Section 1225 — Retail CCIV—duties owed by officers of corporate director
(1) An officer of the corporate director of a retail CCIV must, in performing functions and exercising powers relating to the CCIV: (a) act honestly; and (b) exercise the degree of care and diligence…
Section 1225A — Responsibility of secretary of corporate director for certain contraventions by CCIV
A secretary of the corporate director of a CCIV contravenes subsection 188(1) if the CCIV contravenes a corporate responsibility provision. Note: Subsection 188(1) is a civil penalty provision (see…
Section 1225B — Responsibility of secretary of corporate director for certain contraventions by corporate director
For the purposes of subsection 188(1) as it applies to the secretary of the corporate director, the provisions identified in column 1 of the following table, in addition to the provisions mentioned…
Section 1225C — Extended obligation of directors of corporate director
(1) For the purposes of Division 2 of Part 2D.1, a material personal interest in a matter that relates to the affairs of a CCIV is treated as being a material personal interest in a matter that…
Section 1225D — Right of access to CCIV books
(1) Section 198F applies in relation to a director of a corporate director of a CCIV as if the person were a director of the CCIV. (2) For the purposes of subsection (1), a person is taken to cease…
Section 1225E — Extended operation of sections 199A and 199B (about indemnities and insurance)
(1) The operation of sections 199A and 199B in relation to a CCIV and a related body corporate of a CCIV is extended by: (a) treating an officer of the corporate director of the CCIV as an officer of…
Section 1225F — Retail CCIV—duties owed by employees of corporate director
(1) An employee of the corporate director of a retail CCIV must not, in performing functions and exercising powers relating to the CCIV: (a) make use of information acquired through being an employee…
Section 1226 — Requirement for compliance plan
(1) A retail CCIV must have a compliance plan. Note: A copy of the compliance plan must be lodged with ASIC with the application to register a CCIV that is to be a retail CCIV: see subsection…
Section 1226A — Contents of the compliance plan
The compliance plan of a retail CCIV must set out adequate measures that the corporate director is to apply in fulfilling its responsibilities in relation to the CCIV to ensure compliance with this…
Section 1226B — Compliance plan may incorporate provisions from another CCIV’s plan
(1) The compliance plan of a retail CCIV may be expressed to incorporate specified provisions of a compliance plan of another CCIV, provided both CCIVs have the same corporate director. The…
Section 1226C — ASIC may require further information about compliance plan
(1) ASIC may give the corporate director of a retail CCIV a direction, in writing, to give ASIC information about the arrangements contained in the compliance plan. The direction must specify the…
Section 1226D — Changing the compliance plan
Corporate director’s powers (1) The corporate director of a CCIV may modify the CCIV’s compliance plan or repeal it and replace it with a new compliance plan. ASIC may require modifications (2) ASIC…
Section 1226E — ASIC may require consolidation of compliance plan to be lodged
(1) ASIC may give the corporate director of a retail CCIV a direction, in writing, to lodge a consolidated copy of the CCIV’s compliance plan with ASIC. The direction must specify the period (which…
Section 1226F — Engaging auditor
(1) The corporate director of a retail CCIV must ensure that at all times a registered company auditor, an audit firm or an authorised audit company is engaged to audit compliance with the CCIV’s…
Section 1226G — Audit and audit report
(1) Within 3 months after the end of a financial year of the retail CCIV, the auditor of the compliance plan must: (a) examine the CCIV’s compliance plan; and (b) carry out: (i) if the CCIV has only…
Section 1226H — Contraventions by auditor
Contravention by individual auditor (1) An individual auditor conducting an audit of a compliance plan contravenes this subsection if: (a) the auditor is aware of circumstances that: (i) the auditor…
Section 1226J — Removal and resignation of auditors
Removal of auditor by corporate director (1) The corporate director of a retail CCIV: (a) must remove the auditor of the compliance plan if the auditor becomes ineligible under subsection 1226F(3) to…
Section 1226K — Action on change of auditor of compliance plan
(1) If the auditor of the compliance plan of a retail CCIV changes, the corporate director must, within 7 days and in the prescribed form, ask ASIC to alter the record of the CCIV’s registration to…
Section 1227 — Application of Chapter 2E to retail CCIVs
(1) Subject to this Part, Chapter 2E applies: (a) to a retail CCIV in the same way as it applies to a public company; and (b) to an entity a retail CCIV controls in the same way as it applies to an…
Section 1227A — Need for member approval for financial benefit
(1) Section 208 applies in relation to a retail CCIV as if: (a) the members whose approval is required to be obtained under subparagraph 208(1)(a)(i) were the members of the sub-fund of the CCIV that…
Section 1227B — Exceptions not available for a retail CCIV
(1) The following provisions of Division 2 of Part 2E.1 do not apply where the financial benefit is, or is to be, given by a retail CCIV: (a) section 211 (which deals with remuneration and…
Section 1227C — Requirements for explanatory statement to members
(1) Section 219 applies to a retail CCIV as if: (a) the requirements in paragraphs 219(1)(c) and (d) applied in relation to: (i) the corporate director of the CCIV; and (ii) each director of the…
Section 1227D — Modified references
Division 3 of Part 2E.1 of Chapter 2E applies in relation to a retail CCIV as if: (a) a reference to a general meeting were instead a reference to a meeting of the members of the affected sub-fund;…
Section 1227E — Related parties of a CCIV
(1) Section 228 does not apply in relation to a CCIV. Corporate director etc (2) The following are related parties of a CCIV: (a) the corporate director of the CCIV; (b) an entity that controls the…
Section 1227F — Grounds for Court order
In addition to the grounds in section 232, the Court may also make an order under section 233, in respect of a CCIV, if a matter listed in paragraph 232(a), (b) or (c) is contrary to the interests of…
Section 1227G — Orders the Court can make
Court may appoint receiver etc. of any or all of a sub-fund’s property (1) Paragraph 233(1)(h) has effect in relation to a CCIV as if the reference in that paragraph to the company’s property were…
Section 1227H — Applying for and granting leave
(1) For the purposes of subsection 237(3), a person is a third party if the company is a CCIV and the person is not a related party of the CCIV. (2) Paragraph 237(4)(a) does not apply to a CCIV.…
Section 1227J — Varying and cancelling class rights
In its application to a CCIV whose constitution does not set out the procedure for varying or cancelling rights attached to shares in a class of shares, subsection 246B(2) is taken to require a…
Section 1227K — Certain actions taken to vary rights etc.
If: (a) a CCIV has a sub-fund to which only one class of shares is referable (the existing shares); and (b) the CCIV issues new shares that are also referable to that sub-fund; and (c) the rights…
Section 1227L — Company must lodge documents and resolutions with ASIC
Subsection 246F(3) applies to a CCIV in the same way as it applies to a public company. Note: Failure to comply with subsection 246F(3) is an offence: see subsection 1311(1) and Schedule 3.
Section 1227M — Civil liability of corporate director to members
(1) A member of a CCIV who suffers loss or damage because of conduct of the CCIV’s corporate director that contravenes a provision of this Chapter may recover the amount of the loss or damage by…
Section 1228 — Resolutions of CCIVs
(1) The corporate director of a CCIV may pass a resolution by the directors of the corporate director passing a resolution that: (a) expressly states that the resolution is passed on behalf of the…
Section 1228A — Meetings of members of CCIVs
(1) Parts 2G.2 (about meetings of members of companies) and 2G.3 (about minutes and members’ access to minutes) do not apply to a CCIV or its members. (2) Subject to the modifications set out in this…
Section 1228B — Meetings of members of sub-funds
(1) Subject to the modifications set out in this Subdivision, Part 2G.4 (about meetings of members of registered managed investment schemes) applies in relation to a sub-fund of a CCIV and the…
Section 1228C — Auditors of scheme compliance plans
In applying a provision of Part 2G.4 in relation to a wholesale CCIV, or a sub-fund of a wholesale CCIV, disregard any application of the provision in relation to the auditor of the scheme compliance…
Section 1228D — Copy of the register of members—sub-funds
(1) Subsection 252C(3) does not apply in relation to a CCIV or a sub-fund of a CCIV. (2) To call a meeting of the members of a CCIV, the members requesting the meeting may ask the CCIV under section…
Section 1228E — Members’ resolutions
(1) Subsection 252L(1B) applies in relation to a CCIV as if: (a) the requirement in paragraph 252L(1B)(c) that the registered scheme be listed did not apply; and (b) the resolution is subject to a…
Section 1228F — Voting at meetings of members
(1) Sections 253C and 253D do not apply in relation to a CCIV or a sub-fund of a CCIV. (2) At a meeting of members of a CCIV: (a) on a show of hands, each member has 1 vote; and (b) on a poll, each…
Section 1228G — Corporate director and associates cannot vote if interested in resolution
(1) Section 253E applies in relation to a CCIV as if the associates of the corporate director of the CCIV were also the CCIV’s associates. (2) Section 253E applies in relation to a sub-fund of a CCIV…
Section 1228H — How to work out the value of a share
(1) For the purposes of section 1228F, the value of a share in a CCIV is the amount worked out under this section. (2) The value of a share in a CCIV (other than a share to which subsection (3), (4)…