THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

PART 5C.2 - THE RESPONSIBLE ENTITY

Division 3 - Consequences of change of responsible entity

SECTION 601FS   RIGHTS, OBLIGATIONS AND LIABILITIES OF FORMER RESPONSIBLE ENTITY  

601FS(1)  [Transfer of rights etc]  

If the responsible entity of a registered scheme changes, the rights, obligations and liabilities of the former responsible entity in relation to the scheme become rights, obligations and liabilities of the new responsible entity.

601FS(2)  [Certain rights and liabilities remain]  

Despite subsection (1), the following rights and liabilities remain rights and liabilities of the former responsible entity:

(a)  any right of the former responsible entity to be paid fees for the performance of its functions before it ceased to be the responsible entity; and

(b)  any right of the former responsible entity to be indemnified for expenses it incurred before it ceased to be the responsible entity; and

(c)  any right, obligation or liability that the former responsible entity had as a member of the scheme; and

(d)  any liability for which the former responsible entity could not have been indemnified out of the scheme property if it had remained the scheme's responsible entity.