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CORPORATIONS ACT 2001 - SECT 1222L

Notifying ASIC of status as a retail CCIV or wholesale CCIV

             (1)  For the purposes of paragraph 1222J(1)(b), a CCIV is notified as a retail CCIV if:

                     (a)  the most recent notice lodged with ASIC under this section is a notice that the CCIV is, or wishes to be, a retail CCIV; or

                     (b)  both:

                              (i)  the notice required by subsection 1222A(4) to be lodged with the application to register the CCIV stated that the CCIV was to be a retail CCIV; and

                             (ii)  the CCIV has not lodged a notice with ASIC under this section stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV.

             (2)  Subject to this section, a CCIV may at any time:

                     (a)  lodge with ASIC a notice in the prescribed form stating that the CCIV is, or wishes to be, a retail CCIV; or

                     (b)  lodge with ASIC a notice in the prescribed form stating that the CCIV is eligible to be, and wishes to be, a wholesale CCIV.

Note:          A CCIV that lodges a notice under paragraph (2)(b) will be a retail CCIV despite the notice if it is not eligible to be a wholesale CCIV because it passes the retail CCIV test: see section 1222J. Lodging a notice under paragraph (2)(b) in this situation is an offence: see subsection (7).

When a retail CCIV notice must be lodged

             (3)  A CCIV must lodge a notice under paragraph (2)(a) if, because of the operation of paragraph 1222J(1)(a) (about the retail CCIV test), the CCIV becomes a retail CCIV.

             (4)  A notice required by subsection (3) must be lodged within 2 business days of the CCIV becoming a retail CCIV.

             (5)  An offence based on subsection (3) is an offence of strict liability.

             (6)  In any proceedings against a person for an offence based on subsection (3), it is a defence if at the relevant time the person did not know, and could not reasonably be expected to have known, that the CCIV satisfied the retail CCIV test.

Note:          A defendant bears an evidential burden in relation to the matter in this subsection: see subsection 13.3(3) of the Criminal Code .

When a wholesale CCIV notice must not be lodged

             (7)  A CCIV commits an offence if:

                     (a)  the CCIV lodges a notice under paragraph (2)(b); and

                     (b)  the CCIV satisfies the retail CCIV test.

             (8)  An offence based on subsection (7) is an offence of strict liability.



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