Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.3 - CORPORATE GOVERNANCE OF CCIVs  

Division 2 - Officers and employees of the CCIV  

Subdivision C - Replacing the corporate director  

SECTION 1224ZB   EFFECT OF CHANGE OF CORPORATE DIRECTOR ON DOCUMENTS ETC. TO WHICH FORMER CORPORATE DIRECTOR IS PARTY  

1224ZB(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.

1224ZB(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) .