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 1224Y   MEMBERS FAIL TO APPOINT PERMANENT CORPORATE DIRECTOR  

1224Y(1)    
This section applies if:

(a)    a temporary corporate director is appointed by the Court under section 1224V ; and

(b)    within the period applicable under subsection 1224W(3) , the temporary corporate director calls one or more members ' meetings to consider and vote on a special resolution choosing a company to be the permanent corporate director; and

(c)    the CCIV ' s members do not pass a special resolution choosing a permanent corporate director.

1224Y(2)    
An application to the Court for a winding up of all the sub-funds of the CCIV must be made by the corporate director of the CCIV.

Note: For provisions about winding up a sub-fund of a CCIV, see Division 5 of Part 8B.6 .

1224Y(3)    
An application to the Court for a winding up of all the sub-funds of the CCIV may be made by any of the following, if the corporate director does not do so:

(a)    ASIC;

(b)    a member, or group of members, of the CCIV.

1224Y(4)    
On an application under this section, the Court may:

(a)    order the winding up of all the sub-funds of the CCIV; and

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