THE CORPORATIONS LAW

CHAPTER 11 - APPLICATION AND TRANSITIONAL PROVISIONS

PART 11.2 - COMMENCEMENT AND APPLICATION OF CERTAIN CHANGES TO THIS LAW

Division 11 - Changes resulting from the Managed Investments Act 1998

SECTION 1464   APPLICATION OF PARAGRAPHS 601JA(2)(c) AND 601JB(2)(b) OF NEW LAW TO OFFICERS OR EMPLOYEES OF BODY THAT DOES NOT BECOME SCHEME'S RESPONSIBLE ENTITY  

1464     If:

(a)  the undertaking becomes a registered scheme; and

(b)  on registration of the scheme, the scheme's responsible entity is one of the bodies referred to in subsection 1455(1);

then, in applying paragraph 601JA(2)(c) or 601JB(2)(b) of the new Law to the scheme, a person who was an officer or employee of the other of those bodies is not, merely because of things they did before the scheme's registration in the performance of their functions or duties as an officer or employee of that body, taken to have been substantially involved in business dealings, or in a professional capacity, with the responsible entity.