Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.5 - OPERATING A CCIV  

Division 3 - Requirement for assets and liabilities to be allocated between sub-funds  

Subdivision D - Orders the Court can make  

SECTION 1233Q   ORDERS THE COURT CAN MAKE IN RELATION TO ASSETS AND LIABILITIES OF SUB-FUNDS  

1233Q(1)    
The Court may, on an application under subsection (3) , make any orders, and give any directions, that the Court considers appropriate in relation to the assets and liabilities of the sub-funds of a CCIV, including any of the following:

(a)    an order requiring the corporate director to update or correct the CCIV ' s allocation register;

(b)    an order declaring that money or property of a CCIV forms part of the assets of a particular sub-fund of the CCIV;

(c)    an order declaring that a determination made by the corporate director under section 1233J is not operative;

(d)    an order requiring the corporate director to make one or more determinations under section 1233J ;

(e)    an order declaring the extent to which the money or property forms part of the assets of each sub-fund of the CCIV;

(f)    an order declaring that a liability of a CCIV forms part of the liabilities of a particular sub-fund of the CCIV;

(g)    an order declaring that a determination made by the corporate director under section 1233M (including a determination as varied under section 1233N ), is not operative;

(h)    an order requiring the corporate director to make one or more determinations under section 1233M , or to vary a determination under section 1233N ;

(i)    an order declaring the extent to which a liability forms part of the liabilities of each sub-fund of the CCIV at a time.

1233Q(2)    
The Court may make an order or give directions under subsection (1) if any of the following applies:

(a)    the Court is satisfied a determination made by the corporate director under section 1233J or 1233M (including a determination varied under section 1233N ) is not operative;

(b)    the Court is satisfied that the CCIV ' s allocation register is otherwise incorrect or deficient;

(c)    all of the CCIV ' s sub-funds are being wound up.

1233Q(3)    
An application for an order or directions under subsection (1) may be made by any of the following:

(a)    the corporate director of the CCIV;

(b)    a liquidator of a sub-fund of the CCIV;

(c)    a controller of property of a sub-fund of the CCIV.

1233Q(4)    
If the Court makes an order under paragraph (1)(b) , (e) or (i) , the corporate director does not have the power under section 1233J , 1233M or 1233N (as the case requires) to make a determination that is inconsistent with the order unless:

(a)    the order states that the corporate director does have the power to make an inconsistent determination; or

(b)    the corporate director first obtains the leave of the Court.