Corporations Act 2001
View history note
Hide history noteA person is not qualified to be appointed, and must not act, as receiver of property of a sub-fund of a CCIV if the person: (a) is a secured party in relation to any property (including PPSA retention of title property) of the sub-fund; or (b) is the corporate director of the CCIV; or (c) is a person who holds money or property of the CCIV; or (d) is an auditor of the CCIV or the sub-fund; or (e) is a director, secretary, senior manager or employee of a body corporate that is a secured party in relation to any property (including PPSA retention of title property) of the sub-fund; or (f) is not a registered liquidator; or (g) is a director, secretary, senior manager or employee of:
(i) the corporate director; or
(ii) a body corporate related to the corporate director; or
(h) unless ASIC directs in writing that this paragraph does not apply in relation to the person in relation to the sub-fund of the CCIV - has at any time within the last 12 months been:
(iii) a body corporate related to the CCIV; or
(i) a corporate director or promoter of the CCIV; or
(ii) a director, secretary, senior manager, employee or promoter of the corporate director or a related body corporate of the CCIV or the corporate director.
1236C(2)
Paragraph (1)(f) does not apply in relation to a body corporate authorised by or under a law of the Commonwealth, of a State or of a Territory to act as receiver of property of the sub-fund concerned.
1236C(3)
Section 418 does not apply to a CCIV.
1236C(4)
In this section:
senior manager
does not include a receiver and manager.
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