Corporations Act 2001
View history note
Hide history noteThe assets of a sub-fund of a CCIV must not be applied, or dealt with, whether directly or indirectly: (a) subject to paragraph (b) , for any purpose other than a purpose covered by section 1234B ; or (b) for a purpose prescribed by regulations made for the purposes of this paragraph.
Note: For the consequences of a contravention of this requirement, see section 1234F .
1234A(2)
Subsection (1) does not apply to: (a) money or property to which section 1234 applies; or (b) assets of a sub-fund of the CCIV, to the extent the assets consist of property to which section 1233K (about property that has to be converted into money etc.) applies.
Note: For paragraph (b) , see instead section 1234C .
1234A(3)
The assets of 2 or more sub-funds of a CCIV must not be applied jointly to acquire a single item of property of the CCIV.
Note: A single item of property that forms part of the assets of 2 or more sub-funds must be converted into money or other fungible property: see section 1233K .
Liquidators
1234A(4)
However, a liquidator or provisional liquidator of a sub-fund of a CCIV may: (a) make a disposition of assets of the sub-fund that is an exempt disposition for the purposes of subsection 468(2) , as that subsection applies to the sub-fund under Division 5 of Part 8B.6 ; or (b) disclaim property of a sub-fund under Division 7A of Part 5.6 , as that Division applies to the sub-fund under Division 5 of Part 8B.6 .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
