Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.3 - CORPORATE GOVERNANCE OF CCIVs  

Division 6 - Meetings  

Subdivision B - Meetings of members of CCIVs or sub-funds  

SECTION 1228H   HOW TO WORK OUT THE VALUE OF A SHARE  

1228H(1)    
For the purposes of section 1228F , the value of a share in a CCIV is the amount worked out under this section.

1228H(2)    
The value of a share in a CCIV (other than a share to which subsection (3) , (4) or (5) applies) is the amount that the corporate director of the CCIV determines in writing to be the price that a willing but not anxious buyer would pay for the share if it was sold on the business day immediately before the day on which the poll is taken.

1228H(3)    
The value of a share in a listed CCIV is the last sale price on the relevant prescribed financial market on the trading day immediately before the day on which the poll is taken.

1228H(4)    
The value of a share in a retail CCIV where:

(a)    the CCIV is not listed; and

(b)    the share is redeemable; and

(c)    the share is referable to a sub-fund to which section 1230H applies (about when a sub-fund is liquid);

is the amount that, under the constitution of the CCIV, would be paid to redeem the share on the business day immediately before the day on which the poll is taken.

1228H(5)    
The value of a share in a wholesale CCIV where:

(a)    the share is redeemable; and

(b)    the share is referable to a sub-fund to which section 1230H applies (about when a sub-fund is liquid); and

(c)    the CCIV has a provision in its constitution as to the amount to be paid for redeeming the share;

is the amount that, under the provision, would be paid to redeem the share on the business day immediately before the day on which the poll is taken.

1228H(6)    
Section 253F does not apply in relation to a CCIV or a sub-fund of a CCIV.