Corporations Act 2001
View history note
Hide history noteThis section applies if money or property acquired by a CCIV in a single transaction does not become wholly part of the assets of a single sub-fund of the CCIV under section 1233H .
1233J(2)
The corporate director must determine (whether in the CCIV ' s allocation register or otherwise in writing) the proportion (including nil) of the money or property that is to be allocated to each sub-fund of the CCIV.
Requirements for determination
1233J(3)
The determination: (a) must be fair and reasonable in the circumstances and having regard to section 1233H ; and (b) must result in the money or property being wholly allocated; and (c) must be made as soon as practicable after the money or property is acquired.
When the determination is operative
1233J(4)
If the determination is one that a reasonable person in the corporate director ' s position could make, the determination is operative from the time the money or property is acquired, which may be earlier than the time at which the determination is made.
1233J(5)
A determination under this section is irrevocable.
Fault-based offence
1233J(6)
A person commits an offence if: (a) the person is subject to a requirement under this section; and (b) the person fails to comply with the requirement.
Determinations during winding up and controllership
1233J(7)
Subsection (2) does not apply if all of the CCIV ' s sub-funds are being wound up.
1233J(8)
Despite subsection 13.3(3) of the Criminal Code , in a prosecution for an offence based on subsection (6) of this section, a defendant does not bear an evidential burden in relation to the matter in subsection (7) .
1233J(9)
A liquidator of a sub-fund of a CCIV, or a receiver of property of a sub-fund of a CCIV, may not make a determination under this section.
Note: A liquidator may apply to the Court for an order under section 1233Q .
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