Commonwealth Consolidated Acts

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ASIC's power to direct CCIV to change a sub-fund's name

             (1)  ASIC may direct a CCIV in writing to change the name of a sub-fund of the CCIV within 2 months if:

                     (a)  the name should not have been registered; or

                     (b)  ASIC has directed the CCIV to change its name under section 158.

             (2)  The CCIV must comply with the direction within 2 months after being given it.

             (3)  An offence based on subsection (2) is an offence of strict liability.

             (4)  If the CCIV does not comply with subsection (2), ASIC may change the sub-fund's name to the expression "Australian Registered Fund Number" followed by the sub-fund's ARFN. ASIC does this by altering ASIC's record of the sub-fund's registration to reflect the change.

Note:          For ASIC's record of the registration of a sub-fund, see subsection 1222S(4).

             (5)  A change of name under subsection (4) takes effect when ASIC alters ASIC's record of the sub-fund's registration.

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