Corporations Act 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.2 - THE RESPONSIBLE ENTITY  

Division 3 - Consequences of change of responsible entity  

SECTION 601FS   RIGHTS, OBLIGATIONS AND LIABILITIES OF FORMER RESPONSIBLE ENTITY  

601FS(1)    
If the responsible entity of a registered scheme changes, the rights, obligations and liabilities of the former responsible entity in relation to the scheme become rights, obligations and liabilities of the new responsible entity.

601FS(2)    
Despite subsection (1) , the following rights and liabilities remain rights and liabilities of the former responsible entity:

(a)    any right of the former responsible entity to be paid fees for the performance of its functions before it ceased to be the responsible entity; and

(b)    any right of the former responsible entity to be indemnified for expenses it incurred before it ceased to be the responsible entity; and

(c)    any right, obligation or liability that the former responsible entity had as a member of the scheme; and

(d)    any liability for which the former responsible entity could not have been indemnified out of the scheme property if it had remained the scheme ' s responsible entity.