Corporations Act 2001
View history note
Hide history noteCCH Note: Division 2 is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Subdivision B is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Section 1224N is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
If the corporate director of a retail CCIV is to have any rights to be paid fees out of assets of a sub-fund of the CCIV, or to be indemnified out of assets of a sub-fund of the CCIV for liabilities or expenses incurred in relation to the performance of its duties, those rights: (a) must be specified in the CCIV ' s constitution; and (b) must be available only in relation to the proper performance of those duties;
and any other agreement or arrangement has no effect to the extent that it purports to confer such a right.
Note 1: ASIC may direct the CCIV to modify its constitution to ensure such rights are dealt with in adequate detail: see subsection 1223C(2) .
Note 2: Sections 199A to 199C may prohibit giving an indemnity for the corporate director of a CCIV. Those sections have extended operation in relation to a CCIV: see section 1225E .
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