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 1224W   TEMPORARY CORPORATE DIRECTOR TO INITIATE APPOINTMENT OF PERMANENT CORPORATE DIRECTOR  

1224W(1)    
This section applies if the Court appoints a temporary corporate director of a CCIV under section 1224V .

1224W(2)    
The temporary corporate director must, within the period applicable under subsection (3) , call a members ' meeting for the purpose of the members, by special resolution, choosing a company to be the new permanent corporate director.

1224W(3)    
The temporary corporate director must call the meeting within:

(a)    unless paragraph (b) applies - 3 months of the appointment; or

(b)    if the Court has extended the period under subsection (4) - the extended period.

1224W(4)    
The Court may, on application by the temporary corporate director, grant an extension of the period referred to in paragraph (3)(a) .

1224W(5)    
The temporary corporate director may, within the period applicable under subsection (3) , call further meetings of the CCIV ' s members to consider and vote on a special resolution choosing a company to be the permanent corporate director.

1224W(6)    
For the purposes of subsections (2) and (5) , the written notice of the meeting must nominate as the permanent corporate director a company (which may be the temporary corporate director) that:

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

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

1224W(7)    
If the resolution is passed, the CCIV is taken, on the day of the meeting, to have appointed the company nominated in the notice as the permanent corporate director of the CCIV.

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

1224W(8)    
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.

1224W(9)    
If the current corporate director does not lodge the notice required by subsection (8) , the company chosen by the members to be the new corporate director may lodge that notice.

1224W(10)    
An offence based on subsection (2) or (8) is an offence of strict liability.