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 1224M   RETAIL CCIV - RESPONSIBILITY OF CORPORATE DIRECTOR FOR CERTAIN ACTS OF AGENTS  

1224M(1)    
Subsection (2) applies in relation to a retail CCIV for the purpose of determining whether:

(a)    there is a liability to the CCIV or the CCIV ' s members; or

(b)    the corporate director has properly performed its duties for the purposes of section 1224N .

Note: A CCIV ' s constitution may provide for the corporate director to be indemnified for liabilities - see section 1224N .

Extended liability for acts of agents

1224M(2)    
If:

(a)    the corporate director appoints an agent, or otherwise engages a person, under section 1224L ; or

(b)    an agent or person is taken under subsection 1224L(2) (about sub-agents) to be an agent of the corporate director;

the corporate director is taken to have done (or failed to do) anything that the agent or person has done (or failed to do) because of the appointment or engagement, even if the person or agent was acting fraudulently or outside the scope of the authority or engagement.

Note: This subsection does not apply to receivers: see section 1236F .