Corporations Act 2001
View history note
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 3 is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Subdivision B is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Section 1225F is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
An employee of the corporate director of a retail CCIV must not, in performing functions and exercising powers relating to the CCIV: (a) make use of information acquired through being an employee of the corporate director in order to:
(i) gain an improper advantage for the employee or another person; or
(b) make improper use of their position as an employee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the CCIV.
(ii) cause detriment to members of the CCIV; or
Note: This subsection is a civil penalty provision (see section 1317E ).
1225F(2)
A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1) .
Duties under this section prevail in case of conflict
1225F(3)
If there is a conflict between a duty owed by an employee of the corporate director of a retail CCIV under this section and a duty owed by the employee under Part 2D.1 , the duty owed under this section prevails.
Interaction with other laws etc.
1225F(4)
Subsection (1) : (a) has effect in addition to, and not in derogation of, any rule of law relating to the duty or liability of a person because of their office or employment in relation to a corporation; and (b) does not prevent the commencement of civil proceedings for a breach of a duty or in respect of a liability referred to in paragraph (a) .
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