THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

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History

Chapter 5C inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

PART 5C.2 - THE RESPONSIBLE ENTITY

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History

Part 5C.2 inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

Division 1 - Responsibilities and powers

SECTION 601FE   DUTIES OF EMPLOYEES OF RESPONSIBLE ENTITY  

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601FE(1)  [Duties of employee]  

An employee of the responsible entity of a registered scheme must not:

(a)  make use of information acquired through being an employee of the responsible entity in order to:

(i) gain an improper advantage for the employee or another person; or

(ii) cause detriment to members of the scheme; or

(b)  make improper use of their position as an employee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

Note:

Subsection (1) is a civil penalty provision as defined in section 1317DA and Part 9.4B provides for civil and criminal consequences of contravening it.

CCH Note: Section 1317DA was repealed by No 156 of 1999. Part 9.4B only provides for civil consequences of contravening a civil penalty provision as a result of amendments made by No 156 of 1999.

601FE(2)  [Conflicting duty]  

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A duty of an employee of the responsible entity under subsection (1) overrides any conflicting duty the employee has under section 232.

CCH Note: Section 232 dealt with the statutory duties of employees (among others) prior to the amendments made by No 156 of 1999. Presumably, the reference to sec 232 was intended to be substituted by sec 182, 183 and 184.

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History

S 601FE inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

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