Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.6 - EXTERNAL ADMINISTRATION AND DEREGISTRATION  

Division 9 - Deregistration and transfer of registration  

Subdivision A - Deregistration  

SECTION 1239D   EFFECT OF DEREGISTRATION OF A SUB-FUND  

Effect on assets of the CCIV

1239D(1)    
Subsections 601AD(1A) to (4) and section 601AE apply in relation to the deregistration of a sub-fund of a CCIV.

Note: Subsection 601AD(1) does not apply in relation to the deregistration of a sub-fund of a CCIV. The CCIV will continue to exist until the CCIV itself is deregistered.

1239D(2)    
Those provisions apply as if a reference to property were instead a reference to property of the sub-fund.

Note: For references to property of a sub-fund, see subsection 51F(3) .

Books

1239D(3)    
If a sub-fund of a CCIV is deregistered, the CCIV must keep the CCIV ' s books that relate to the sub-fund (other than books that a liquidator has to keep under subsection 70-35(1) of Schedule 2 ) for 3 years after the deregistration.

Note: If the CCIV itself is deregistered, the corporate director of the CCIV immediately before it is deregistered is required to retain all books of the CCIV including these books: see section 1239L .

1239D(4)    
An offence based on subsection (3) is an offence of strict liability.

Consequences of deregistration on status as an Australian passport fund

1239D(5)    
If:

(a)    a sub-fund of a CCIV is deregistered; and

(b)    the sub-fund was an Australian passport fund;

ASIC must annotate the Register of Passport Funds to indicate that the sub-fund is no longer an Australian passport fund, or cause that annotation to be made on the Register.