Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.6 - EXTERNAL ADMINISTRATION AND DEREGISTRATION  

Division 3 - Receivers, and other controllers, of property of sub funds  

Subdivision B - Appointment of controllers  

SECTION 1236C   PERSONS NOT TO ACT AS RECEIVERS  

1236C(1)    
A person is not qualified to be appointed, and must not act, as receiver of property of a sub-fund of a CCIV if the person:

(a)    is a secured party in relation to any property (including PPSA retention of title property) of the sub-fund; or

(b)    is the corporate director of the CCIV; or

(c)    is a person who holds money or property of the CCIV; or

(d)    is an auditor of the CCIV or the sub-fund; or

(e)    is a director, secretary, senior manager or employee of a body corporate that is a secured party in relation to any property (including PPSA retention of title property) of the sub-fund; or

(f)    is not a registered liquidator; or

(g)    is a director, secretary, senior manager or employee of:

(i) the corporate director; or

(ii) a body corporate related to the corporate director; or

(iii) a body corporate related to the CCIV; or

(h)    unless ASIC directs in writing that this paragraph does not apply in relation to the person in relation to the sub-fund of the CCIV - has at any time within the last 12 months been:

(i) a corporate director or promoter of the CCIV; or

(ii) a director, secretary, senior manager, employee or promoter of the corporate director or a related body corporate of the CCIV or the corporate director.

1236C(2)    
Paragraph (1)(f) does not apply in relation to a body corporate authorised by or under a law of the Commonwealth, of a State or of a Territory to act as receiver of property of the sub-fund concerned.

1236C(3)    
Section 418 does not apply to a CCIV.

1236C(4)    
In this section:

senior manager
does not include a receiver and manager.