Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 1229 — Application of this Subdivision
This Subdivision applies to a CCIV in relation to all laws of the Commonwealth.
Section 1229A — Other rules for corporate contraventions do not apply
Part 2.5 of Criminal Code does not apply (1) Part 2.5 of the Criminal Code does not apply in determining whether a body corporate that is a CCIV has committed an offence. Note: Section 1229B applies…
Section 1229B — General rule for attributing conduct and state of mind to a CCIV
Attributing conduct to a CCIV (1) Conduct engaged in by a person (other than a CCIV) is taken to have been engaged in also by a CCIV if: (a) the person is specified in column 1 of an item of the…
Section 1229C — Exceptions etc. specific to this Act
Nothing in this Subdivision excludes or limits the operation of section 1224M.
Section 1229D — Corporate director generally taken to commit offences committed by CCIV
(1) This section applies if: (a) a CCIV commits an offence against a law of the Commonwealth; and (b) the conduct constituting the offence was not engaged in by the CCIV solely as a result of an…
Section 1229E — Corporate director generally liable for civil penalties for which the CCIV would be liable
(1) This section applies if: (a) a CCIV contravenes a provision covered by subsection (2); and (b) the conduct constituting the contravention was not engaged in by the CCIV solely as a result of an…
Section 1229F — Compensation orders—State and Territory laws
Compensation for penalties incurred etc. (1) A Court may on application under subsection (5) order a person to compensate a CCIV for loss or damage suffered by the CCIV if: (a) the CCIV contravened,…
Section 1229G — Time limit for application for compensation order
Proceedings for a compensation order may be started not later than: (a) for a proven contravention—6 years after the contravention was proved; or (b) for an unproven contravention—6 years after the…
Section 1229H — Civil evidence and procedure rules for compensation orders
The Court must apply the rules of evidence and procedure for civil matters when hearing proceedings for a compensation order.
Section 1230 — Shares can only be issued in respect of sub-funds
(1) A CCIV can issue a share only if the rights attaching to the share, so far as the rights are in respect of the assets of the CCIV, are restricted to rights in respect of the assets of one (and…
Section 1230A — Minimum of one class of shares per sub-fund
(1) The shares in a CCIV that are referable to the same sub-fund of the CCIV, if not divided into 2 or more classes, constitute a class. Note: A CCIV can issue shares only if the rights attaching to…
Section 1230B — Power to issue redeemable shares
(1) Subject to section 1230, a CCIV’s power under section 124 to issue shares includes the power to issue redeemable shares. (2) All, some, or none of the shares in a CCIV may be redeemable shares.…
Section 1230C — Conversion of shares
(1) A CCIV may convert a share of any kind into a share of a kind mentioned in an item in column 1 of the following table if the requirements (if any) specified in column 2 of the item are met.…
Section 1230D — Redemptions to which this Subdivision applies
(1) This Subdivision applies to both of the following: (a) a redemption by a CCIV of a redeemable share; (b) a redemption by a CCIV of a redeemable preference share. Note: A CCIV may reduce its share…
Section 1230E — Redeemed shares to be cancelled
On redemption by a CCIV, a share is cancelled.
Section 1230F — Requirements for redemptions by all CCIVs
Redemption must be in accordance with terms of issue (1) A CCIV must not redeem shares if the redemption is not on the terms on which the shares are on issue. Sub-fund must be solvent (2) A CCIV must…
Section 1230G — Further requirements for redemptions by retail CCIVs
Redemption must be permitted by constitution (1) A retail CCIV must not redeem shares if the redemption is not permitted by the CCIV’s constitution. Redemption price must be in accordance with…
Section 1230H — When a sub-fund is liquid
(1) This section applies to a sub-fund of a CCIV at a time if liquid assets account for at least 80% of the value of the assets of the sub-fund at that time. (2) For the purposes of subsection (1):…
Section 1230J — Redemption offers for non-liquid sub-funds of retail CCIVs
(1) A retail CCIV may offer members an opportunity to redeem shares in the CCIV if: (a) section 1230H (about when a sub-fund is liquid) does not apply to the sub-fund to which the shares are…
Section 1230K — Satisfying redemption requests for non-liquid sub-funds of retail CCIVs
(1) A retail CCIV that makes a redemption offer under section 1230J must ensure that redemption requests made in response to the offer are satisfied within 21 days after the offer closes. (2) No…
Section 1230L — Section 254N does not apply to a CCIV
Section 254N does not apply to a CCIV.
Section 1230M — Circumstances in which a dividend may be paid
(1) A CCIV must not pay a dividend on a share if, immediately before the dividend is paid: (a) the sub-fund to which the share is referable is insolvent; or (b) there are reasonable grounds for…
Section 1230N — Dividend rights
Each share in a class of shares in a CCIV has the same dividend rights unless: (a) the CCIV’s constitution provides for the shares to have different dividend rights; or (b) different dividend rights…
Section 1230P — Part 2H.6 does not apply to a CCIV
Part 2H.6 does not apply to a CCIV.
Section 1230Q — Cross-investment between sub-funds is permitted
(1) Despite any law, a CCIV may acquire in respect of any of its sub-funds, one or more shares that are referable to another of its sub-funds. Note: Requirements or restrictions may apply, see…
Section 1230R — Requirements or restrictions for cross-investment
(1) Regulations made for the purposes of this subsection may prescribe either or both of the following: (a) one or more requirements for a CCIV to make an acquisition mentioned in subsection…
Section 1230S — Consequences for failing to comply with requirements or restrictions for cross-investment
(1) A CCIV to which regulations made for the purposes of subsection 1230R(1) apply in relation to an acquisition must comply with any applicable requirements or restrictions in those regulations.…
Section 1230T — Requirements or restrictions on membership rights for shares acquired from cross-investment
Voting at a meeting of the CCIV’s members (1) Despite any other provision of this Act, a CCIV’s acquisition mentioned in subsection 1230Q(1) of one or more shares referable to one of its sub-funds…
Section 1230U — Cross-investment between sub-funds is not a share buy-back
For the purposes of section 1231C and Division 2 of Part 2J.1, the acquisition by a CCIV of any of its shares is not a buy-back of the share if: (a) the acquisition is in respect of a sub-fund of the…
Section 1230V — General duties still apply for cross-investment between sub-funds
None of the following: (a) the corporate director of a CCIV; (b) an officer, or employee, of the corporate director of a CCIV; is relieved from any of their duties under this Act, or their fiduciary…
Section 1231 — Purpose
Section 256A does not apply in relation to a CCIV.
Section 1231A — CCIV may make reduction not otherwise authorised
(1) A CCIV may reduce its share capital in a way that is not otherwise authorised by law if: (a) the reduction is permitted by the CCIV’s constitution; and (b) immediately before the reduction: (i)…
Section 1231B — Consequences of making an unauthorised reduction
(1) A CCIV must not make a reduction in share capital if the reduction: (a) does not comply with subsection 1231A(1); and (b) is not otherwise authorised by law. (2) If a CCIV contravenes subsection…
Section 1231C — A CCIV’s power to buy back its own shares
(1) A CCIV may buy back its own shares, including redeemable shares and redeemable preference shares. Note: Cross-investment between sub-funds is not a buy-back (see section 1230U). (2) However, if…
Section 1231D — Authorised reductions—share redemptions
A CCIV may reduce its share capital if: (a) the reduction is involved in the redemption of a redeemable share or a redeemable preference share; and (b) the redemption complies with section 1230F; and…
Section 1231E — Authorised reductions—regulations
A CCIV may reduce its share capital in circumstances prescribed by regulations made for the purposes of this section.
Section 1231F — Authorised reductions—Court orders
A CCIV may reduce its share capital under a Court order.
Section 1231G — Authorised reductions—return of financial product
A CCIV may cancel shares returned to it under Division 5 of Part 7.9 (as that Division applies to the CCIV under section 1241ZA) and any reduction in the CCIV’s share capital that is involved is…
Section 1231H — Other share capital reductions
(1) Division 3 of Part 2J.1 applies to a CCIV subject to the modifications set out in this section. (2) Section 258D applies in relation to a CCIV as if a reference to a general meeting were instead…
Section 1231J — Directly acquiring own shares
(1) A CCIV must not acquire shares (or units of shares) in itself except: (a) in buying back shares under section 1231C; or (b) under a court order; or (c) in circumstances covered by section 1230Q…
Section 1231K — Taking security over own shares
Subsection 259B(3) (about special exemptions for financial institutions) does not apply to a CCIV. Note: The consequences of contravening subsection 259B(1) are set out in section 259F.
Section 1231L — Part 2J.3 does not apply to a CCIV
Part 2J.3 does not apply to a CCIV.
Section 1231M — Other duties still apply
To avoid doubt, for the purposes of section 260E, the duties of a director under this Act include the duties of a corporate director under this Act, including under a provision of this Chapter.
Section 1231N — Debentures can only be issued in respect of sub-funds
(1) A CCIV can issue a debenture only if the debenture holder’s rights in respect of assets of the CCIV are restricted to rights in respect of the assets of one (and only one) sub-fund of the CCIV.…
Section 1231P — Modified operation of section 283AA
Paragraph 283AA(1)(a) has effect in relation to a CCIV as if an offer of debentures was an offer of the kind referred to in that paragraph if the offer gave rise to an obligation to give a Product…
Section 1232 — Application of Chapter 2M to CCIVs
Application of Chapter 2M to retail CCIVs (1) Subject to the modifications set out in this Division, Chapter 2M (about financial reports, sustainability reports and audit) applies to a retail CCIV as…
Section 1232A — Obligation to keep financial records for sub-funds
(1) Without limiting the application of subsection 286(1) to the retail or wholesale CCIV, the CCIV must also, for each sub-fund of the CCIV, keep written financial records that: (a) correctly record…
Section 1232B — Access to financial records of CCIVs and sub-funds
Without limiting the application of subsection 290(1) or section 1232A, a director of the corporate director of the retail or wholesale CCIV has the same rights as a director of the CCIV: (a) under…
Section 1232C — Annual financial reports, sustainability reports and directors’ reports for sub-funds—general rules
(1) Division 1 of Part 2M.3 applies to a retail CCIV as if: (a) subsection 292(1) required the CCIV to prepare a financial report for each of its sub-funds for each financial year; and (aa) in a case…
Section 1232D — Annual financial reports, sustainability reports and directors’ reports for sub-funds—special rules for financial reports and sustainability reports
(1) Despite subsection 1232C(2), paragraph 295(4)(c) applies to a directors’ declaration relating to a sub-fund referred to in subsection 1232C(1) as if the debts mentioned in that paragraph were…