Corporations Act 2001
CCH Note: Division 2 is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Subdivision C is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Section 1224T is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
If the corporate director of a CCIV wants to retire as corporate director, it must call a members ' meeting to explain its reason for wanting to retire and to enable the members to vote on a resolution to choose a company to be the new corporate director. The resolution must be a special resolution.
1224T(2)
The notice of meeting of the CCIV ' s members must: (a) set out the corporate director ' s reason for wanting to retire; and (b) nominate as the new corporate director a company (the nominated company ) that:
(i) meets the requirements of section 1224F ; and
(ii) has consented in writing to being chosen as the new corporate director of the CCIV.
1224T(3)
If the members choose the nominated company to be the new corporate director, as soon as practicable and in any event within 2 business days after the day of the meeting, the current corporate director must lodge a notice with ASIC asking it to alter the record of the CCIV ' s registration to name the nominated company as the corporate director of the CCIV.
1224T(4)
If: (a) the members choose the nominated company to be the new corporate director; and (b) the current corporate director does not lodge the notice required by subsection (3) ;
the nominated company may lodge that notice.
1224T(5)
An offence based on subsection (3) is an offence of strict liability.
1224T(6)
If the members do not choose the nominated company to be the new corporate director, an application to the Court for appointment of a temporary corporate director under section 1224V may be made by the current corporate director of the CCIV.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.