Corporations Act 2001
CCH Note: Division 2 is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Subdivision B is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Section 1224P is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
The corporate director of a retail CCIV may acquire and hold a share in the CCIV, but the corporate director must only do so: (a) for not less than the consideration that would be payable if the share were acquired by another person; and (b) subject to terms and conditions that would not disadvantage other members.
Note: If the corporate director holds a share in the CCIV, the corporate director does so subject to section 253E , as affected by section 1228G (certain members cannot vote or be counted).
1224P(2)
A corporate director who contravenes subsection (1) , and any person who is involved in a corporate director ' s contravention of that subsection, contravenes this subsection.
Note 1: Section 79 defines involved.
Note 2: This subsection is a civil penalty provision (see section 1317E ).
1224P(3)
A person must not intentionally be involved in a corporate director ' s contravention of subsection (1) .
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