Corporations Act 2001
CHAPTER 5C
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MANAGED INVESTMENT SCHEMES
PART 5C.8
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EFFECT OF CONTRAVENTIONS (CIVIL LIABILITY AND VOIDABLE CONTRACTS)
SECTION 601MA
CIVIL LIABILITY OF RESPONSIBLE ENTITY TO MEMBERS
601MA(1)
A member of a registered scheme who suffers loss or damage because of conduct of the scheme's responsible entity that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the responsible entity whether or not the responsible entity has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.
601MA(2)
An action under subsection (1) must be begun within 6 years after the cause of action arises.
601MA(3)
This section does not affect any liability that a person has under other provisions of this Act or under other laws.
Modifying legislative instruments: The application of Ch 5C is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Asset Holding Standards for Responsible Entities) Instrument 2024/16.
CCH Note: Section 601MA is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
A member of a registered scheme who suffers loss or damage because of conduct of the scheme's responsible entity that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the responsible entity whether or not the responsible entity has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.
601MA(2)
An action under subsection (1) must be begun within 6 years after the cause of action arises.
601MA(3)
This section does not affect any liability that a person has under other provisions of this Act or under other laws.
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