Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 1239 — Deregistration of a sub-fund—voluntary
Who may apply for deregistration (1) An application to deregister a sub-fund of a CCIV may be lodged with ASIC by: (a) the CCIV; or (b) the corporate director of the CCIV; or (c) a liquidator of the…
Section 1239A — Deregistration of a sub-fund—ASIC initiated
Circumstances in which ASIC may deregister (1) ASIC may decide to deregister a sub-fund of a CCIV if: (a) the CCIV has not lodged any documents that relate to the sub-fund under this Act in the last…
Section 1239B — Process for ASIC initiated deregistration of a sub-fund
(1) If ASIC decides under section 1239A to deregister a sub-fund of a CCIV, it must: (a) give notice setting out the date on which ASIC proposes to deregister the sub-fund: (i) to the CCIV; and (ii)…
Section 1239C — Deregistration of a sub-fund—following amalgamation or winding up
ASIC must deregister a sub-fund of a CCIV if the Court orders the deregistration of the sub-fund under: (a) paragraph 413(1)(d) (reconstruction and amalgamation of Part 5.1 bodies); or (b) paragraph…
Section 1239D — Effect of deregistration of a sub-fund
Effect on assets of the CCIV (1) Subsections 601AD(1A) to (4) and section 601AE apply in relation to the deregistration of a sub-fund of a CCIV. Note: Subsection 601AD(1) does not apply in relation…
Section 1239E — The Commonwealth’s and ASIC’s power to fulfil outstanding obligations in relation to deregistered sub-fund
The Commonwealth or ASIC may do an act on behalf of the CCIV of a deregistered sub-fund or the liquidator of the sub-fund if the Commonwealth or ASIC is satisfied that the CCIV or liquidator would be…
Section 1239F — Claims against insurers in relation to deregistered sub-fund
A person may recover from the insurer of a CCIV an amount that was payable to the CCIV under the insurance contract if: (a) a sub-fund of the CCIV is deregistered; and (b) the CCIV has a liability to…
Section 1239G — Reinstatement of a sub-fund
(1) The registration of a sub-fund of a CCIV may be reinstated under section 601AH as if the sub-fund were a company. Note: Notice of the reinstatement must be given: see section 1239J. (2) If the…
Section 1239H — CCIV reinstated following reinstatement of a sub-fund
(1) If a CCIV is deregistered and: (a) ASIC reinstates the registration of a sub-fund of the CCIV under subsection 601AH(1); or (b) the Court makes an order that ASIC reinstate the registration of…
Section 1239J — Notices relating to reinstatement of a sub-fund
If the registration of a sub-fund of a CCIV is reinstated under section 601AH, ASIC must publish notice in the Gazette and give notice to the corporate director of the CCIV of the following: (a) the…
Section 1239K — Deregistration of a CCIV
CCIV must be deregistered if it has no registered sub-funds (1) If, as the result of ASIC deregistering a sub-fund of a CCIV, the CCIV has no registered sub-funds, ASIC must deregister the CCIV.…
Section 1239L — Books of the CCIV to be kept by former corporate director
(1) If a CCIV is deregistered, the corporate director of the CCIV immediately before the deregistration must keep the CCIV’s books (other than books that a liquidator has to keep under subsection…
Section 1239M — A CCIV may not be reinstated under section 601AH
The registration of a CCIV may not be reinstated under section 601AH. Note: If a CCIV has been deregistered and the registration of a sub-fund is reinstated under section 601AH, ASIC must reinstate…
Section 1239N — Registration of CCIV cannot be transferred
Part 5A.2 does not apply to a CCIV.
Section 1240A — Takeovers—prohibition on acquisitions of shares in a listed CCIV
The prohibitions in subsections 606(1) and (2) only apply to an acquisition of a relevant interest in issued voting shares in a CCIV if the CCIV is a listed company (including an acquisition…
Section 1240B — Takeovers—directors of the corporate director of a listed CCIV
(1) The provisions mentioned in subsection (2) apply as if each of the following were a director of a CCIV that is a listed company: (a) the corporate director of the CCIV; (b) a director of the…
Section 1240C — Takeovers—bidder’s statement content
(1) Subsection 636(1) has effect as if: (a) a reference in paragraph 636(1)(c) to a company or body did not include a reference to a CCIV that is a listed company; and (b) subsection 636(1) also…
Section 1240D — Takeovers Panel—declaration of unacceptable circumstances may only be made in relation to a listed CCIV
The Takeovers Panel may only declare under section 657A circumstances to be unacceptable circumstances in relation to the affairs of a CCIV if the CCIV is a listed company.
Section 1240E — Compulsory acquisition—only available for securities in a listed CCIV
(1) Securities in a CCIV may only be compulsorily acquired or bought out under Chapter 6A if the CCIV is a listed company. (2) If Part 6A.1 applies to a CCIV that is a listed company at the end of…
Section 1240F — Continuous disclosure—CCIVs
Paragraph 675(2)(c) applies in relation to securities in a CCIV in the same way the paragraph applies in relation to securities that are managed investment products.
Section 1240G — Fundraising rules do not apply to CCIVs
Subject to subsection 1240H(6), in Chapter 6D, securities does not include a security in a CCIV.
Section 1240H — Offering securities of a CCIV or sub-fund that does not exist
(1) A person must not offer securities of a CCIV that does not exist if the offer would give rise to an obligation to give a Product Disclosure Statement under Chapter 7 (as that Chapter applies to…
Section 1241 — Application of Chapter 7 to CCIVs
Chapter 7 applies to a CCIV subject to the modifications set out in this Division.
Section 1241A — For Chapter 7, treat the corporate director as providing financial services etc. being provided by the CCIV
(1) This section applies to a provision of Chapter 7 that applies in relation to: (a) a financial services licensee; or (b) a financial service or a financial services business; or (c) a matter…
Section 1241ZA — Cooling-off periods
Division 5 of Part 7.9 also applies as if securities in a CCIV were another class of financial product covered by paragraph 1019A(1)(a).
Section 1241B — Certain licensing concepts do not apply to CCIVs
(1) Subsection 911A(1) (about the requirement to be licensed to carry on a financial services business) does not apply to a CCIV. Note: That subsection will instead apply to the corporate director of…
Section 1241ZB — Unsolicited offers to purchase securities in CCIVs off-market
For financial products that are securities in a CCIV, treat paragraph 1019D(1)(d) as also providing that the offer is not made to the corporate director of the CCIV.
Section 1241C — Extra kinds of financial services relating to CCIVs
(1) Subject to paragraph 766A(2)(b), treat subsection 766A(1) as also providing that a person provides a financial service if: (a) the person operates the business and conducts the affairs of a CCIV;…
Section 1241ZC — Product intervention orders
If a contravention referred to in paragraph 1023Q(1)(a) is a contravention by a CCIV, subsection 1023Q(1) applies to authorise recovery by action against the CCIV’s corporate director instead of…
Section 1241D — CCIV buy-back or redemption facility does not make a market
Subsection 766D(1) does not apply to a CCIV, nor to the corporate director of a CCIV, for: (a) a proposed buy-back by the CCIV; or (b) the proposed issuing or redeeming by the CCIV of: (i) redeemable…
Section 1241ZD — Insider trading—exceptions
Buy-back of shares in a CCIV (1) Treat section 1043B as also providing that subsection 1043A(1) does not apply in respect of the acquisition of shares as part of a buy-back by a CCIV if the amount…
Section 1241E — Certain conduct relating to CCIVs is not providing a custodial or depository service
Treat subsection 766E(3) as also providing that none of the following conduct constitutes providing a custodial or depository service: (a) operating as a CCIV; (b) operating the business and…
Section 1241F — Australian financial services licences
(1) For the purposes of Chapter 7, a single Australian financial services licence can cover operating the business and conducting the affairs of more than one CCIV. Note: This confirms that a…
Section 1241G — Immediate suspensions or cancellations of licences
Treat subsection 915B(3) as also providing that ASIC may suspend or cancel an Australian financial services licence held by a body corporate, by giving written notice to the body, if: (a) the body is…
Section 1241H — Restriction on use of certain words or expressions
Treat subsection 923A(1) as also providing that a CCIV contravenes that subsection if the CCIV assumes or uses, in this jurisdiction, a restricted word or expression in relation to a financial…
Section 1241J — Agreements with certain unlicensed persons
(1) Subdivision B of Division 11 of Part 7.6 also applies to an agreement entered into by: (a) a CCIV (in that Subdivision called the non-licensee); and (b) another person (in that Subdivision called…
Section 1241K — Treat the CCIV as a professional investor
Treat the definition of professional investor in section 9 as also meaning a CCIV if and while the corporate director of the CCIV holds an Australian financial services licence.
Section 1241L — Financial services disclosure does not apply to operating the business and conducting the affairs of CCIVs
Part 7.7 does not apply to a financial service if: (a) the financial service consists only of operating the business and conducting the affairs of a CCIV; and (b) the financial service is provided by…
Section 1241M — Financial records of the corporate director of a CCIV
When section 988E applies to a licensee because the licensee is the corporate director of a CCIV, treat that section as requiring the particulars of the matters in paragraphs 988E(a) to (g) to be…
Section 1241N — Prohibition on hawking of securities in a CCIV
(1) Treat subsection 992A(2) as also providing that subsection 992A(1) does not apply to the offering of securities in a CCIV, hawking of which is prohibited by section 992AA (as extended by this…
Section 1241P — Modifications of Part 7.8A
(1) Paragraph 994B(3)(d) (about an exception to making a target market determination for a financial product) does not apply to a fully paid ordinary share in a CCIV. (2) If a contravention referred…
Section 1241Q — Part 7.9 applies to the issue or sale of securities in a CCIV
(1) Despite subsection 1010A(1), Part 7.9 applies to securities in a CCIV. Note: This and other sections in this Part extend and modify how Part 7.9 applies for a CCIV. A consequence is that, for a…
Section 1241R — Product Disclosure Statements—when a security in a CCIV is of the same kind as another product
For the purposes of sections 1012C and 1012D (as affected by this Part), a security in a CCIV that is referable to a sub-fund of the CCIV is of the same kind as another product only if the other…
Section 1241S — Product Disclosure Statements—situations when not required for CCIVs
No consideration to be provided (1) Paragraph 1012D(5)(b) also applies to the case where the financial product is not an option and is a security in a CCIV. Client is associated with the CCIV (2)…
Section 1241T — Product Disclosure Statements—content requirements
Main requirements (1) Treat subsection 1013D(1) as also including the following paragraph: “(la) if the product is a share in a CCIV, and the CCIV’s constitution makes provision for acquisitions…
Section 1241U — Product Disclosure Statements—replacement statements
Section 1014G also applies as if the reference in paragraph 1014G(a) to an interest in a managed investment scheme included a reference to an interest that is a security in a CCIV.
Section 1241V — Product Disclosure Statements—lodging with ASIC
(1) Section 1015B also applies as if: (a) a reference in that section to a managed investment product included a reference to a security in a CCIV; and (b) paragraph 1015B(1)(ba) were not enacted;…
Section 1241W — Product Disclosure Statements—use of application forms
Treat the definition of relevant financial product in subsection 1016A(1) as also meaning a security in a CCIV.
Section 1241X — Product Disclosure Statements—if lodged, then security not to be issued or sold before specified period
Section 1016B does not apply in relation to a financial product to which a Product Disclosure Statement relates if the financial product is a security that: (a) is in a CCIV; and (b) is referable to…
Section 1241Y — Remedies for person acquiring financial product under defective Product Disclosure Document
If, for the purposes of subsection 1016F(2), the responsible person is a CCIV, treat the reference in that subsection to the directors of the responsible person as if it were instead a reference to…