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 C - Replacing the corporate director  

SECTION 1224V   APPOINTMENT OF TEMPORARY CORPORATE DIRECTOR BY COURT  

1224V(1)    
On application under section 1224S or subsection 1224T(6) or 1224X(2) , the Court may:

(a)    if the CCIV has a current corporate director - order the removal of the current corporate director; and

(b)    order the appointment of a company as the temporary corporate director of the CCIV; and

(c)    make any further orders that the Court considers appropriate.

Note: See also section 1224R (when changes take effect).

1224V(2)    
The Court must not make an order under paragraph (1)(a) or (b) unless:

(a)    the Court is satisfied that:

(i) the appointment is in the interests of the members of the CCIV; and

(ii) the company meets the requirements of section 1224F ; and

(b)    the company consents in writing to becoming the CCIV ' s temporary corporate director.

1224V(3)    
The person who made the application for the order must, as soon as practicable and in any event within 2 days after the Court ' s order appointing the temporary corporate director, lodge a notice with ASIC informing ASIC of the appointment made by the Court.

1224V(4)    
If the person referred to in subsection (3) does not lodge the notice required by that subsection, the company appointed by the Court as the temporary corporate director may lodge that notice.

1224V(5)    
An offence based on subsection (3) is an offence of strict liability.