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.5 - THE COMPLIANCE COMMITTEE

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

SECTION 601JD   DUTIES OF MEMBERS  

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601JD(1)  [Members' duties]  

A member of a scheme's compliance committee must:

(a)  act honestly; and

(b)  exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and

(c)  not make use of information acquired through being a member of the committee in order to:

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

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

(d)  not make improper use of their position as a member of the committee 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CCH Note: Section 1317DA was repealed by No 156 of 1999.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.

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

601JD(2)  [Assist ASIC]  

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A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection 601FF(1).

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S 601JD(2) amended by No 54 of 1998, Sch 6, Pt 2 (effective 1 July 1998).

S 601JD(2) inserted by No 62 of 1998, Sch 1 (effective 1 July 1998).

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