Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if all or some of the shares in a retail CCIV are redeemable shares or redeemable preference shares.
(2) The CCIV's constitution must make provision for the shares to be redeemed. The provision must:
(a) specify a period within which a redemption must ordinarily be satisfied while section 1230H (about when a sub-fund is liquid) applies to the sub-fund to which the share is referable; and
(b) be fair and reasonable to the members of the sub-fund to which the share is referable; and
(c) set out a price, or a method for determining a price, at which shares in the CCIV are to be redeemed if, at the time of the redemption, section 1230H (about when a sub-fund is liquid) applies to the sub-fund to which the shares are referable.