Corporations Act 2001
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Hide history noteCCH note - modifying legislative instruments: The application of Pt 8B.3 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (CCIV Auditors) Instrument 2024/668.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 8B.3, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
CCH Note: Division 2 is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Subdivision A is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Section 1224C is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
Division 1 of Part 2D.1 (about general duties) applies to a CCIV with the modifications set out in this section.
1224C(2)
In applying Division 1 of Part 2D.1 (about general duties) in relation to an officer (other than a director) of a CCIV: (a) treat references to the best interests of the corporation as instead being references to the best interests of the sub-fund referred to in subsection (3) ; and (b) treat references to causing detriment to the corporation as instead being references to causing detriment to the sub-fund referred to in subsection (3) ; and (c) treat references to the business operations of the corporation as instead being references to the business operations of the sub-fund referred to in subsection (3) .
1224C(3)
The sub-fund is: (a) for a receiver, or receiver and manager, of the property of a sub-fund of the CCIV - the sub-fund; or (b) for a liquidator of a sub-fund of the CCIV - the sub-fund; or (c) for a trustee or other person administering a compromise or arrangement made between the CCIV and someone else - the sub-fund on whose members or creditors the compromise or arrangement is binding.
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