Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.3 - CORPORATE GOVERNANCE OF CCIVs  

Division 3 - Officers, employees and auditors of the corporate director  

Subdivision B - Employees of the corporate director  

SECTION 1225F   RETAIL CCIV - DUTIES OWED BY EMPLOYEES OF CORPORATE DIRECTOR  

1225F(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 of the corporate director in order to:

(i) gain an improper advantage for the employee or another person; or

(ii) cause detriment to members of the CCIV; or

(b)    make improper use of their position as an employee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the CCIV.

Note: This subsection is a civil penalty provision (see section 1317E ).

1225F(2)    
A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1) .

Duties under this section prevail in case of conflict

1225F(3)    
If there is a conflict between a duty owed by an employee of the corporate director of a retail CCIV under this section and a duty owed by the employee under Part 2D.1 , the duty owed under this section prevails.

Interaction with other laws etc.

1225F(4)    
Subsection (1) :

(a)    has effect in addition to, and not in derogation of, any rule of law relating to the duty or liability of a person because of their office or employment in relation to a corporation; and

(b)    does not prevent the commencement of civil proceedings for a breach of a duty or in respect of a liability referred to in paragraph (a) .