Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.6 - EXTERNAL ADMINISTRATION AND DEREGISTRATION  

Division 1 - Preliminary  

SECTION 1235   CONSTRUING TERMS AND EXPRESSIONS AFFECTED BY SUBSTITUTED REFERENCES  

Terms or expressions that have a particular meaning in relation to a sub-fund

1235(1)    
To avoid doubt, if:

(a)    a term or expression has a particular meaning in this Act in relation to a sub-fund of a CCIV; and

(b)    the term or expression occurs in a provision, in relation to a reference (including an implied reference) that is required by this Part to be substituted with a reference to a sub-fund;

then the meaning the term or expression has in relation to the sub-fund in the provision is the meaning referred to in paragraph (a) .

Note: Examples of terms or expressions that have a particular meaning in relation to a sub-fund of a CCIV include the following:

(a) contributory (see section 9 );

(b) creditor and secured creditor (see section 9 );

(c) deregister (see Division 9 of this Part);

(d) extraordinary resolution (see section 9 );

(e) member (see section 1222Q );

(f) property (see subsection 51F(3) );

(g) solvent and insolvent (see section 1231A );

(h) special resolution (see section 9 ).

Terms or expressions that do not have a particular meaning in relation to a sub-fund

1235(2)    
If:

(a)    a term or expression has a particular meaning in this Act or in a provision of this Act in relation to a company, corporation or body corporate; and

(b)    because of a reference (including an implied reference) that is required by this Part to be substituted with a reference to a sub-fund, it is necessary to determine the meaning of the term or expression in relation to a sub-fund of a CCIV; and

(c)    the term or expression does not have a particular meaning in relation to a sub-fund of a CCIV;

then the meaning the term or expression has in relation to the sub-fund is the meaning the term or expression would have in relation to the CCIV if the CCIV had no other sub-funds.

Note: For example, the term related entity is defined in section 9 in relation to a body corporate, and is not defined in relation to a sub-fund of a CCIV. To determine whether a person is a related entity of a sub-fund:

(a) first, assume that the CCIV has no other sub-funds (this includes disregarding any shares held by the CCIV that are assets of other sub-funds of the CCIV); and

(b) then, apply the definition of related entity in section 9 to the CCIV based on that assumption.

As a result, a member of the CCIV (paragraph (d) of the definition of related entity ) will only be a related entity of a sub-fund of the CCIV if the person is a member of the sub-fund.