CHAPTER 8B
-
CORPORATE COLLECTIVE INVESTMENT VEHICLES
History
Ch 8B inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
PART 8B.2
-
REGISTRATION OF CCIVs
History
Pt 8B.2 inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Division 1
-
Registering a CCIV
History
Div 1 inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision A
-
Requirements for registration as a CCIV
History
Subdiv A inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222
1222
REQUIREMENTS FOR REGISTRATION AS A CCIV
The requirements for registration of a company as a CCIV are as follows:
(a)
the company is a company limited by shares;
(b)
the company has a constitution;
(c)
the sole proposed director of the company is a public company that holds an Australian financial services licence authorising it to operate the business and conduct the affairs of a CCIV;
(d)
the company will, upon registration, have at least one sub-fund;
(e)
each sub-fund of the company will, upon registration, have at least one member;
(f)
a notice under subsection
1222A(4)
(about whether a CCIV is to be a retail CCIV or a wholesale CCIV) has been lodged with the application;
(g)
if the company will, on registration, be a retail CCIV
-
the company has a compliance plan.
Note: CCIV is short for corporate collective investment vehicle, which is a type of company that can be registered under this Act: see section
112
.
History
S 1222 inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision B
-
How a CCIV is registered
History
Subdiv B inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222A
APPLYING FOR REGISTRATION
1222A(1)
This section applies in relation to an application for registration made under subsection
117(1)
if the type of company that is proposed to be registered under this Act is a CCIV.
1222A(2)
The application is not required to state the information mentioned in paragraphs
117(2)(d)
,
(e)
,
(f)
,
(ma)
and
(mb)
.
1222A(3)
In addition to the information required by subsection
117(2)
as modified by subsection
(2)
of this section, the application must also state:
(a)
the name, and the address of the registered office, of the public company that consents in writing to become the director of the CCIV; and
(b)
the proposed name of each sub-fund the CCIV is to have when it is registered; and
(c)
for each such proposed sub-fund:
(i)
which of the members identified under paragraph
117(2)(c)
are to be members of the sub-fund; and
(ii)
which of the shares identified under paragraph
117(2)(k)
are to be referable to the sub-fund.
Note: For paragraph
(b)
, see section
1222V
.
1222A(4)
A notice stating whether the CCIV is to be a retail CCIV or a wholesale CCIV must be lodged with the application.
1222A(5)
A copy of the CCIV
'
s constitution must be lodged with the application.
Note: The requirement for a CCIV to have a constitution is set out in section
1223B
.
1222A(6)
If the CCIV is to be a retail CCIV, a copy of the compliance plan signed by all the directors of the proposed corporate director of the CCIV must be lodged with the application.
Note: The requirement for a retail CCIV to have a compliance plan is set out in section
1226
.
1222A(7)
Subsection
117(5)
applies as if the consents referred to in subsection
(3)
of this section were referred to in subsection
117(2)
.
History
S 1222A inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222B
1222B
NO OTHER WAY TO REGISTER A CCIV
A body may not be taken under section
5H
to be registered under this Act as a CCIV.
History
S 1222B inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222C
1222C
REGISTRATION OF A CCIV
If:
(a)
an application to register a company as a CCIV is lodged under section
117
; and
(b)
the company meets the requirements for registration as a CCIV set out in section
1222
;
ASIC may take the steps set out in paragraphs
118(1)(a)
,
(b)
and
(c)
for the company.
Note 1: The CCIV comes into existence on registration: see section
119
.
Note 2: ASIC must also register at least one sub-fund of the CCIV: see paragraph
1222(d)
and section
1222R
.
History
S 1222C inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222D
CORPORATE DIRECTOR AND MEMBERS OF A CCIV
1222D(1)
A public company becomes the director of a CCIV on registration if the public company is specified in the application with its consent as the proposed corporate director of the CCIV.
1222D(2)
A person becomes a member of a CCIV on registration if the person is specified in the application with their consent as a proposed member of the CCIV.
Note: The shares taken to be issued to the member are those specified in the application: see subsection
120(2)
.
1222D(3)
Subsection
120(1)
does not apply in relation to a CCIV.
History
S 1222D inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision C
-
Names of CCIVs
History
Subdiv C inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222E
SPECIAL REQUIREMENTS FOR NAMING OF CCIVs
1222E(1)
Subsection
148(1)
applies to a CCIV as if the reference to subsections
(2)
and
(3)
of section
148
were instead a reference to subsection
(2)
of this section.
1222E(2)
A CCIV must have the expression
"
Corporate Collective Investment Vehicle
"
at the end of its name.
History
S 1222E inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222F
1222F
SPECIAL REQUIREMENTS FOR ACCEPTABLE ABBREVIATIONS OF CCIV NAMES
Section
149
has effect as if the following item were added to the table in subsection
(1)
of that section:
10 |
Corporate Collective Investment Vehicle |
CCIV |
History
S 1222F inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222G
1222G
CARRYING ON BUSINESS USING
"
CCIV
"
IN NAME
Section
156
has effect as if paragraph
156(1)(a)
included a reference to the words
"
Corporate Collective Investment Vehicle
"
(or an abbreviation of those words).
History
S 1222G inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222H
1222H
CHANGE OF NAME NOT ALLOWED WHILE SUB-FUND IN LIQUIDATION
No application may be lodged with ASIC under section
157A
in relation to a CCIV.
History
S 1222H inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision D
-
Retail CCIVs and wholesale CCIVs
History
Subdiv D inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222J
MEANING OF RETAIL CCIV AND WHOLESALE CCIV
1222J(1)
A CCIV is a
retail CCIV
if:
(a)
the CCIV satisfies the retail CCIV test in section
1222K
; or
(b)
the CCIV is notified as a retail CCIV (see section
1222L
).
1222J(2)
A CCIV that is not a retail CCIV is a
wholesale CCIV
.
History
S 1222J inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222K
RETAIL CCIV TEST
1222K(1)
A CCIV satisfies the retail CCIV test in this section if any of the following apply:
(a)
at least one member of the CCIV is covered by subsection
(2)
(about protected retail clients);
(b)
at least one member of the CCIV is covered by subsection
(3)
(about protected clients under custodial arrangements);
(c)
at least one member of the CCIV is covered by subsection
(4)
(about protected members of passport funds).
When a person is a protected retail client of a CCIV
1222K(2)
For the purposes of paragraph
(1)(a)
, a person is covered by this subsection in relation to a CCIV if all of the following apply:
(a)
the person acquires a security (within the meaning of Chapter
7
) issued by the CCIV, by way of:
(i)
an issue of the security to the person (rather than a transfer of the security to the person); or
(ii)
a transfer of the security to the person in circumstances described in subsection
1012C(5)
,
(6)
or
(8)
(secondary sales that require a Product Disclosure Statement);
(b)
the person acquired the security as a retail client for the purposes of Chapter
7
;
(c)
the person is not associated (within the meaning of subsection
1241S(3)
) with the CCIV;
(d)
if the person acquired the security by way of an issue
-
the issue was not made in a situation, or pursuant to an offer made in a situation, to which section
1012E
(about small scale offerings) applies.
Note: Section
1012E
applies to financial products that are securities in a CCIV: see subsection
1241S(6)
.
When a person is a protected client under a custodial arrangement
1222K(3)
For the purposes of paragraph
(1)(b)
, a person is covered by this subsection in relation to a CCIV if all of the following apply:
(a)
an acquisition of a security (within the meaning of Chapter
7
) in the CCIV occurs pursuant to an instruction given by the person under a custodial arrangement (within the meaning of section
1012IA
);
(b)
if there were an equivalent direct acquisition (within the meaning of subsection
1012IA(2)
) by the person, the person would acquire the security as a retail client for the purposes of Chapter
7
;
(c)
the person is not associated (within the meaning of subsection
1241S(3)
) with the CCIV.
When a person is a protected passport fund member
1222K(4)
For the purposes of paragraph
(1)(c)
, a person is covered by this subsection in relation to a CCIV if:
(a)
a sub-fund of the CCIV is an Australian passport fund; and
(b)
the person became a member of the sub-fund (whether in this jurisdiction or any host economy for the fund):
(i)
on the expectation that the sub-fund would become an Australian passport fund; or
(ii)
after the sub-fund became an Australian passport fund; and
(c)
the person:
(i)
is not, and has not at any time been, the corporate director of the CCIV; and
(ii)
is not a related party of an entity that is, or has at any time been, the corporate director of the CCIV.
Note: See section
1216B
for the circumstances in which a person becomes a member of a fund on the expectation that it would become an Australian passport fund.
Regulations
1222K(5)
The regulations may do either or both of the following:
(a)
prescribe additional circumstances in which a person is covered by subsection
(2)
,
(3)
or
(4)
in relation to a CCIV;
(b)
provide that a particular class of person is not covered by subsection
(2)
,
(3)
or
(4)
in relation to a CCIV.
History
S 1222K inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222L
NOTIFYING ASIC OF STATUS AS A RETAIL CCIV OR WHOLESALE CCIV
1222L(1)
For the purposes of paragraph
1222J(1)(b)
, a CCIV is notified as a retail CCIV if:
(a)
the most recent notice lodged with ASIC under this section is a notice that the CCIV is, or wishes to be, a retail CCIV; or
(b)
both:
(i)
the notice required by subsection
1222A(4)
to be lodged with the application to register the CCIV stated that the CCIV was to be a retail CCIV; and
(ii)
the CCIV has not lodged a notice with ASIC under this section stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV.
1222L(2)
Subject to this section, a CCIV may at any time:
(a)
lodge with ASIC a notice in the prescribed form stating that the CCIV is, or wishes to be, a retail CCIV; or
(b)
lodge with ASIC a notice in the prescribed form stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV.
Note: A CCIV that lodges a notice under paragraph
(2)(b)
will be a retail CCIV despite the notice if it is not eligible to be a wholesale CCIV because it passes the retail CCIV test: see section
1222J
. Lodging a notice under paragraph
(2)(b)
in this situation is an offence: see subsection
(7)
.
When a retail CCIV notice must be lodged
1222L(3)
A CCIV must lodge a notice under paragraph
(2)(a)
if, because of the operation of paragraph
1222J(1)(a)
(about the retail CCIV test), the CCIV becomes a retail CCIV.
1222L(4)
A notice required by subsection
(3)
must be lodged within 2 business days of the CCIV becoming a retail CCIV.
1222L(5)
An offence based on subsection
(3)
is an offence of strict liability.
1222L(6)
In any proceedings against a person for an offence based on subsection
(3)
, it is a defence if at the relevant time the person did not know, and could not reasonably be expected to have known, that the CCIV satisfied the retail CCIV test.
Note: A defendant bears an evidential burden in relation to the matter in this subsection: see subsection
13.3(3)
of the
Criminal Code
.
When a wholesale CCIV notice must not be lodged
1222L(7)
A CCIV commits an offence if:
(a)
the CCIV lodges a notice under paragraph
(2)(b)
; and
(b)
the CCIV satisfies the retail CCIV test.
1222L(8)
An offence based on subsection
(7)
is an offence of strict liability.
History
S 1222L inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222M
1222M
TABLE OF PROVISIONS THAT APPLY ONLY TO RETAIL CCIVs
The following table sets out the main provisions of this Act that apply only in relation to retail CCIVs. If a provision is not set out in this table, disregard that fact in deciding whether or not the provision applies only to retail CCIVs.
Provisions that apply only to retail CCIVs
|
Item
|
Topic
|
Provision(s)
|
1 |
A sub-fund of a retail CCIV may be registered as an Australian passport fund |
Part
8A.3 |
2 |
ASIC may direct a retail CCIV to modify its constitution |
section
1223C |
3 |
Content requirements for the constitution of a retail CCIV |
sections
1223G
and
1223H |
4 |
Duties owed by a director of a retail CCIV |
subsection
1224D(2) |
5 |
The corporate director of a retail CCIV must have external directors |
section
1224G |
6 |
Extended responsibility of corporate director of a retail CCIV for certain acts of agents |
section
1224M |
7 |
Limitation on right of the corporate director of a retail CCIV to fees and indemnities |
section
1224N |
8 |
Limitation on right of the corporate director of a retail CCIV to acquire shares in the CCIV |
section
1224P |
9 |
Duties owed by the officers of the corporate director of a retail CCIV |
section
1225 |
10 |
Duties owed by the employees of the corporate director of a retail CCIV |
section
1225F |
11 |
Requirement for a retail CCIV to have a compliance plan |
Division
4
of Part
8B.3 |
12 |
Requirement for member approval for certain related party transactions relating to retail CCIVs (application of Chapter
2E
) |
Subdivision
A
of Division
5
of Part
8B.3 |
13 |
Further requirements for redemptions of shares by a retail CCIV |
sections
1230G
to
1230K |
14 |
Requirements for self-acquisition by retail CCIV |
subsection
1231J(2) |
15 |
Part
2M.3
(financial reporting) |
section
1232 |
History
S 1222M inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision E
-
Listing not permitted for certain CCIVs and sub-funds
History
Subdiv E inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222N
1222N
CERTAIN CCIVs AND SUB-FUNDS MUST NOT BE LISTED
The following must not be included in the official list of a prescribed financial market operated in this jurisdiction:
(a)
a wholesale CCIV;
(b)
a retail CCIV that has more than one sub-fund;
(c)
a sub-fund of a wholesale CCIV;
(d)
a sub-fund of a retail CCIV that has more than one sub-fund.
Note 1: This section does not prohibit either or both of the following from being included in the official list of a prescribed financial market operated in this jurisdiction:
(a) a sub-fund of a retail CCIV that has only one sub-fund;
(b) that retail CCIV.
Note 2: A retail CCIV will be a listed company if its single sub-fund is included in such an official list even if the retail CCIV is not so included (see the definition of
listed
in section
9
).
History
S 1222N inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision F
-
Changing company type not permitted
History
Subdiv F inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222P
1222P
PART 2B.7 DOES NOT APPLY TO A CCIV
Part
2B.7
(about changing company type) does not apply to a CCIV.
History
S 1222P inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Division 2
-
Registering a sub-fund of a CCIV
History
Div 2 inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision A
-
What is a sub-fund of a CCIV
History
Subdiv A inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222Q
WHAT IS A SUB-FUND OF A CCIV
1222Q(1)
A
sub-fund
of a CCIV is all or part of the business of the CCIV that is registered as a sub-fund under section
1222S
.
Note: A sub-fund of a CCIV may be registered as a passport fund: see Part
8A.3
.
1222Q(2)
A sub-fund does not have legal personality.
1222Q(3)
A person is a
member
of a sub-fund of a CCIV if the person:
(a)
is a member of the CCIV; and
(b)
holds one or more shares that are referable to the sub-fund.
Note: For when a share is referable to a sub-fund, see section
1230
.
History
S 1222Q inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision B
-
How a sub-fund of a CCIV is registered
History
Subdiv B inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222R
1222R
INITIAL SUB-FUNDS TO BE REGISTERED WHEN THE CCIV IS REGISTERED
If ASIC registers a CCIV, ASIC must also register one or more sub-funds of the CCIV.
Note: If ASIC deregisters a sub-fund, and as a result the CCIV has no sub-funds, ASIC must deregister the CCIV: see section
1239K
.
History
S 1222R inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222S
REGISTRATION OF A SUB-FUND
Registration of initial sub-funds
1222S(1)
ASIC may register a sub-fund of a CCIV if:
(a)
ASIC registers the CCIV; and
(b)
the proposed name of the sub-fund is specified in the application to register the CCIV.
Registration of further sub-funds
1222S(2)
ASIC may also register a sub-fund of a CCIV if an application to register the sub-fund is lodged under section
1222U
.
ASIC to give sub-fund an ARFN
1222S(3)
If ASIC registers a sub-fund, ASIC must give the sub-fund an ARFN.
ASIC must keep record of registration
1222S(4)
ASIC must keep a record of the registration. Subsections
1274(2)
and
(5)
apply to the record as if it were a document lodged with ASIC.
History
S 1222S inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222T
SUB-FUND IS ESTABLISHED ON REGISTRATION
1222T(1)
A sub-fund of a CCIV is established at the beginning of the day on which the sub-fund is registered.
1222T(2)
The sub-fund
'
s name is the name specified in ASIC
'
s record of the registration.
History
S 1222T inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222U
APPLICATION TO REGISTER FURTHER SUB-FUNDS
1222U(1)
To register a sub-fund of a CCIV, a person may lodge an application with ASIC.
Note: A CCIV must have at least one sub-fund when it is first registered: see section
1222R
.
1222U(2)
The application must state:
(a)
the name and ACN of the CCIV; and
(b)
the proposed name of the sub-fund; and
(c)
the name and address of each person who consents to become a member of the sub-fund; and
(d)
the following:
(i)
the number and class of shares each member agrees in writing to take up;
(ii)
the amount (if any) each member agrees in writing to pay for each share;
(iii)
whether the shares each member agrees in writing to take up will be fully paid on registration;
(iv)
if that amount is not to be paid in full on registration
-
the amount (if any) each member agrees in writing to be unpaid on each share;
(v)
whether or not the shares each member agrees in writing to take up will be beneficially owned by the member on registration.
1222U(3)
The application must be in the prescribed form.
History
S 1222U inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Subdivision C
-
Names of sub-funds
History
Subdiv C inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222V
A SUB-FUND
'
S NAME
CCIV using ACN
1222V(1)
If a CCIV has as its name the expression
"
Australian Company Number
"
followed by the CCIV
'
s ACN, a sub-fund of the CCIV may have as its name the expression
"
Australian Registered Fund Number
"
followed by the sub-fund
'
s ARFN.
CCIV using available name
1222V(2)
If a CCIV has as its name an available name, a sub-fund of the CCIV may have as its name an expression comprising the following 3 elements, in the following order:
(a)
first element
-
the CCIV
'
s name (without the words
"
Corporate Collective Investment Vehicle
"
at the end of the name);
(b)
second element
-
a name that meets the requirements in subsection
(3)
;
(c)
third element
-
the expression
"
Sub-fund
"
.
1222V(3)
A name meets the requirements in this subsection unless the name is:
(a)
identical to a name that is used as the second element of the name of another sub-fund of the same CCIV; or
(b)
identical to a name that is reserved by ASIC in respect of another person who is not the person applying to have the name; or
(c)
unacceptable for registration under the regulations.
History
S 1222V inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222W
USING SUB-FUND NAME AND ARFN ON DOCUMENTS
1222W(1)
A CCIV must set out a sub-fund
'
s name and ARFN on all its public documents and negotiable instruments that relate to the sub-fund.
1222W(2)
An offence based on subsection
(1)
is an offence of strict liability.
History
S 1222W inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222X
ACCEPTABLE ABBREVIATIONS OF SUB-FUND NAMES
1222X(1)
The abbreviations set out in the following table may be used:
(a)
instead of words that this Act requires to be part of a sub-fund
'
s name or to be included in a document or negotiable instrument; and
(b)
instead of words that are part of a sub-fund
'
s name; and
(c)
with or without full stops.
Acceptable abbreviations
|
Item
|
Word
|
Abbreviation
|
1 |
Sub-fund |
SF |
2 |
Australian Registered Fund Number |
ARFN |
3 |
Australian |
Aust |
4 |
Number |
No |
5 |
and |
& |
1222X(2)
If a sub-fund
'
s name includes any of these abbreviations, the word or words corresponding to the abbreviation may be used instead.
History
S 1222X inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222Y
SUB-FUND CHANGING ITS NAME
1222Y(1)
To change the name of a sub-fund of a CCIV, the CCIV may lodge an application to ASIC in the prescribed form stating the proposed name of the sub-fund.
1222Y(2)
However, no application may be lodged with ASIC under subsection
(1)
while the sub-fund is in liquidation.
1222Y(3)
If the proposed name meets the requirements of section
1222V
, ASIC must change the sub-fund
'
s name by altering ASIC
'
s record of the sub-fund
'
s registration to reflect the change. The change of name takes effect when ASIC alters ASIC
'
s record of the sub-fund
'
s registration.
History
S 1222Y inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222Z
ASIC
'
S POWER TO DIRECT CCIV TO CHANGE A SUB-FUND
'
S NAME
1222Z(1)
ASIC may direct a CCIV in writing to change the name of a sub-fund of the CCIV within 2 months if:
(a)
the name should not have been registered; or
(b)
ASIC has directed the CCIV to change its name under section
158
.
1222Z(2)
The CCIV must comply with the direction within 2 months after being given it.
1222Z(3)
An offence based on subsection
(2)
is an offence of strict liability.
1222Z(4)
If the CCIV does not comply with subsection
(2)
, ASIC may change the sub-fund
'
s name to the expression
"
Australian Registered Fund Number
"
followed by the sub-fund
'
s ARFN. ASIC does this by altering ASIC
'
s record of the sub-fund
'
s registration to reflect the change.
Note: For ASIC
'
s record of the registration of a sub-fund, see subsection
1222S(4)
.
1222Z(5)
A change of name under subsection
(4)
takes effect when ASIC alters ASIC
'
s record of the sub-fund
'
s registration.
History
S 1222Z inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222ZA
1222ZA
EFFECT OF NAME CHANGE
A change of the name of a sub-fund of a CCIV does not:
(a)
create a legal entity; or
(b)
affect the sub-fund
'
s existing property, rights or obligations; or
(c)
render defective any legal proceedings by or against the CCIV and relating to the sub-fund.
History
S 1222ZA inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
Division 3
-
Registers
History
Div 3 inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).
SECTION 1222ZB
REGISTERS RELATING TO CCIVs
1222ZB(1)
The register of members kept by a CCIV in accordance with section
169
must, in addition to the information mentioned in subsection
169(3)
, also show the following:
(a)
the sub-fund of the CCIV to which each share is referable;
(b)
if the CCIV holds a share in the CCIV:
(i)
the sub-fund of the CCIV to which the share is referable; and
(ii)
the other sub-fund of the CCIV for which the share has been acquired;
(c)
if another CCIV holds a share in the CCIV:
(i)
the sub-fund of the CCIV to which the share is referable; and
(ii)
the sub-fund of the other CCIV for which the share has been acquired.
1222ZB(2)
The register of option holders kept by a CCIV in accordance with section
170
must, as part of the description of an unissued share mentioned in paragraph
170(1)(d)
, also show the following:
(a)
the sub-fund of the CCIV to which the share is referable;
(b)
if the CCIV holds an option over the share:
(i)
the sub-fund of the CCIV to which the share is referable; and
(ii)
the other sub-fund of the CCIV for which the option over the share has been acquired;
(c)
if another CCIV holds an option over the share:
(i)
the sub-fund of the CCIV to which the share is referable; and
(ii)
the sub-fund of the other CCIV for which the option over the share has been acquired.
1222ZB(3)
The register of debenture holders kept by a CCIV in accordance with section
171
must also contain information about the following:
(a)
the sub-fund of the CCIV to which each debenture is referable;
(b)
if the CCIV holds a debenture issued by the CCIV:
(i)
the sub-fund of the CCIV to which the debenture is referable; and
(ii)
the other sub-fund of the CCIV for which the debenture has been acquired;
(c)
if another CCIV holds a debenture issued by the CCIV:
(i)
the sub-fund of the CCIV to which the debenture is referable; and
(ii)
the sub-fund of the other CCIV for which the debenture has been acquired.
History
S 1222ZB inserted by No 8 of 2022, s 3, Sch 1
[
4] (effective 1 July 2022).