THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 5C - MANAGED INVESTMENT SCHEMES
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Hide history notePART 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) [Transfer of rights etc] 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) [Certain rights and liabilities remain] 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.
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