Corporations Act 2001
CHAPTER 8B
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CORPORATE COLLECTIVE INVESTMENT VEHICLES
PART 8B.6
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EXTERNAL ADMINISTRATION AND DEREGISTRATION
Division 6
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Recovering property of sub funds
SECTION 1238C
WHEN DEBTS ARISE IN RELATION TO REDEEMABLE SHARES
1238C(1)
For the purposes of section 588G , if a CCIV takes action set out in column 1 of an item of the following table, it incurs a debt at the time set out in column 2 of the item.
1238C(2)
This section has effect in relation to a CCIV in addition to the table set out in subsection 588G(1A) .
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 8B.6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (CCIV Auditors) Instrument 2024/668.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 8B.6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
For the purposes of section 588G , if a CCIV takes action set out in column 1 of an item of the following table, it incurs a debt at the time set out in column 2 of the item.
| When debts are incurred | ||
| Item |
Column 1
Action of company |
Column 2
When debt is incurred |
| 1 | redeeming redeemable shares that are redeemable only at its option | when the company exercises the option |
| 2 | issuing redeemable shares that are issued on terms that they are liable to be redeemed otherwise than only at its option | when the shares are issued |
| 3 | converting under section 1230C a share that is not a redeemable share into a share that is liable to be redeemed otherwise than only at its option | when the shares are converted |
1238C(2)
This section has effect in relation to a CCIV in addition to the table set out in subsection 588G(1A) .
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