Corporations Act 2001
View history note
Hide history noteCCH note - modifying legislative instruments: The application of Pt 8B.4 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.4, 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.
A CCIV to which regulations made for the purposes of subsection 1230R(1) apply in relation to an acquisition must comply with any applicable requirements or restrictions in those regulations.
Consequences for CCIV of contravention
1230S(2)
If a CCIV contravenes subsection (1) : (a) the contravention does not affect the validity of the acquisition or of any contract or transaction connected with it; and (b) the CCIV does not commit an offence.
Fault-based offence
1230S(3)
A person commits an offence if the person is involved in a CCIV ' s contravention of subsection (1) and the involvement is dishonest.
Civil liability
1230S(4)
A person who is involved in a CCIV ' s contravention of subsection (1) contravenes this subsection.
Note 1: This subsection is a civil penalty provision (see section 1317E ).
Note 2: There are other possible consequences for such a contravention, including the suspension or cancellation of an Australian financial services licence held by the CCIV ' s corporate director (see paragraph 915C(1)(a) ).
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