Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.3 - CORPORATE GOVERNANCE OF CCIVs  

Division 2 - Officers and employees of the CCIV  

Subdivision B - The corporate director of a CCIV  

SECTION 1224P   RETAIL CCIV - LIMITATION ON RIGHT OF CORPORATE DIRECTOR TO ACQUIRE SHARES IN CCIV  

1224P(1)    
The corporate director of a retail CCIV may acquire and hold a share in the CCIV, but the corporate director must only do so:

(a)    for not less than the consideration that would be payable if the share were acquired by another person; and

(b)    subject to terms and conditions that would not disadvantage other members.

Note: If the corporate director holds a share in the CCIV, the corporate director does so subject to section 253E , as affected by section 1228G (certain members cannot vote or be counted).

1224P(2)    
A corporate director who contravenes subsection (1) , and any person who is involved in a corporate director ' s contravention of that subsection, contravenes this subsection.

Note 1: Section 79 defines involved.

Note 2: This subsection is a civil penalty provision (see section 1317E ).

1224P(3)    
A person must not intentionally be involved in a corporate director ' s contravention of subsection (1) .