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 C - Replacing the corporate director  

SECTION 1224U   REPLACEMENT OF CORPORATE DIRECTOR BY MEMBERS  

1224U(1)    
If members of a CCIV want to replace the corporate director, the members may take action under Part 2G.4 (as that Part applies to the CCIV under section 1228A ) for the calling of a meeting of the CCIV ' s members to consider and vote on:

(a)    a special resolution that the current corporate director should be removed; and

(b)    a special resolution choosing a company to be the new corporate director.

1224U(2)    
The notice of meeting of the CCIV ' s members must:

(a)    set out the intention to remove the current corporate director; and

(b)    nominate, as the new corporate director of the CCIV, a company that:

(i) meets the requirements of section 1224F ; and

(ii) has consented in writing to being appointed as the new corporate director of the CCIV.

1224U(3)    
If both resolutions are passed, the CCIV is taken, on the day of the meeting, to have appointed the company nominated in the notice as the new corporate director of the CCIV.

Note: See also section 1224R (when changes take effect).

1224U(4)    
The current corporate director must, as soon as practicable and in any event within 2 business days after the appointment, lodge a notice with ASIC asking it to alter the record of the CCIV ' s registration to name the company as the corporate director of the CCIV.

1224U(5)    
If the current corporate director does not lodge the notice required by subsection (4) , the company chosen by the members to be the new corporate director may lodge that notice.

1224U(6)    
An offence based on subsection (4) is an offence of strict liability.