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 4 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 1226J is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
Removal of auditor by corporate director
1226J(1)
The corporate director of a retail CCIV: (a) must remove the auditor of the compliance plan if the auditor becomes ineligible under subsection 1226F(3) to act as auditor of the compliance plan; and (b) may, with ASIC ' s written consent, remove the auditor of the compliance plan.
1226J(2)
An offence based on paragraph (1)(a) is an offence of strict liability.
Resignation of auditor
1226J(3)
The auditor of the compliance plan may resign by written notice to the corporate director if: (a) the auditor:
(i) applies to ASIC in writing for its consent to the resignation; and
(b) ASIC consents to the resignation.
(ii) gives the corporate director written notice of the application at or about the same time as applying to ASIC; and
1226J(4)
As soon as practicable after receiving the application, ASIC must notify the auditor and the corporate director whether it consents to the resignation.
1226J(5)
A statement by the auditor in the application or in answer to an inquiry by ASIC relating to the reasons for the application: (a) is not admissible in evidence in any civil or criminal proceedings against the auditor (other than proceedings for a contravention of section 1308 ); and (b) may not be made the ground of a prosecution (other than a prosecution for a contravention of section 1308 ), action or suit against the auditor.
A certificate by ASIC that the statement was made in the application, or in answer to an inquiry by ASIC, is conclusive evidence that the statement was so made.
1226J(6)
The auditor ' s resignation takes effect on the later of: (a) the day (if any) specified in the notice of resignation; or (b) the day ASIC consents to the resignation; or (c) the day (if any) fixed by ASIC for the purpose.
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