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 A - Officers and employees generally  

SECTION 1224C   GENERAL DUTIES OWED BY OFFICERS  

1224C(1)    
Division 1 of Part 2D.1 (about general duties) applies to a CCIV with the modifications set out in this section.

1224C(2)    
In applying Division 1 of Part 2D.1 (about general duties) in relation to an officer (other than a director) of a CCIV:

(a)    treat references to the best interests of the corporation as instead being references to the best interests of the sub-fund referred to in subsection (3) ; and

(b)    treat references to causing detriment to the corporation as instead being references to causing detriment to the sub-fund referred to in subsection (3) ; and

(c)    treat references to the business operations of the corporation as instead being references to the business operations of the sub-fund referred to in subsection (3) .

1224C(3)    
The sub-fund is:

(a)    for a receiver, or receiver and manager, of the property of a sub-fund of the CCIV - the sub-fund; or

(b)    for a liquidator of a sub-fund of the CCIV - the sub-fund; or

(c)    for a trustee or other person administering a compromise or arrangement made between the CCIV and someone else - the sub-fund on whose members or creditors the compromise or arrangement is binding.