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 7 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 1229E is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
This section applies if: (a) a CCIV contravenes a provision covered by subsection (2) ; and (b) the conduct constituting the contravention was not engaged in by the CCIV solely as a result of an exercise of powers by:
(i) a liquidator or provisional liquidator of a sub-fund of the CCIV; or
(ii) a receiver, or receiver and manager, of the property of a sub-fund of the CCIV; or
(iii) a trustee or other person administering a compromise or arrangement made between the CCIV and someone else.
Commonwealth civil penalty provisions
1229E(2)
This subsection covers a provision (a Commonwealth civil penalty provision ) that is: (a) a civil penalty provision (within the meaning of this Act); or (b) a provision of a law of the Commonwealth (other than this Act), if a civil penalty may be imposed in relation to a contravention of the provision.
Corporate director taken to also contravene the provision
1229E(3)
The person who was the corporate director of the CCIV at the time of the contravention is taken to also contravene the provision.
Note: This subsection applies whether or not a declaration of contravention by the CCIV has been made by a Court.
CCIV not liable
1229E(4)
The CCIV is not liable for any penalty in respect of the contravention.
Infringement notices
1229E(5)
If, as a result of the operation of subsection (3) , an infringement notice (however described) may be given under a law of the Commonwealth to a person who was the corporate director of a CCIV for an alleged contravention by the person of a Commonwealth civil penalty provision: (a) the person may be given the infringement notice; and (b) the CCIV may not be given an infringement notice for the alleged contravention.
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