Corporations Act 2001
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Hide history noteCCH note - modifying legislative instruments: The application of Pt 8B.3 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (CCIV Auditors) Instrument 2024/668.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 8B.3, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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 1224ZA is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
If the corporate director of a CCIV changes, the rights, obligations and liabilities of the former corporate director in relation to the CCIV become rights, obligations and liabilities of the new corporate director.
1224ZA(2)
Despite subsection (1) , the following rights and liabilities remain rights and liabilities of the former corporate director: (a) any right of the former corporate director to be paid fees for the performance of its functions before it ceased to be the corporate director; (b) any right of the former corporate director to be indemnified for expenses it incurred before it ceased to be the corporate director; (c) any right, obligation or liability that the former corporate director had as a member of the CCIV; (d) any liability for which the former corporate director could not have been indemnified out of the assets of the CCIV if it had remained the CCIV ' s corporate director; (e) any liability arising out of a contravention by the former corporate director of a provision of this Act.
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