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 B - The corporate director of a CCIV  

SECTION 1224J   CORPORATE DIRECTOR MUST OPERATE THE CCIV  

1224J(1)    
The corporate director of a CCIV is to:

(a)    operate the business and conduct the affairs of the CCIV; and

(b)    perform the functions conferred on the corporate director by the CCIV ' s constitution and this Act.

Note 1: If a CCIV commits an offence or contravenes a civil penalty provision, the corporate director is generally responsible: see Division 7 of this Part.

Note 2: Section 1224Q is about the exercise of powers by the corporate director while a sub-fund is in liquidation.

1224J(2)    
The corporate director of a CCIV may exercise all the powers of the CCIV except any powers that this Act or the CCIV ' s constitution requires:

(a)    the CCIV to exercise in general meeting; or

(b)    the members of a sub-fund of the CCIV to exercise in a meeting of members of the sub-fund.