Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Division 1 of Part 2D.1 (about general duties) applies to a CCIV with the modifications set out in this section.
(2) In applying Division 1 of Part 2D.1 (about general duties) in relation to an officer (other than a director) of a CCIV:
(a) treat references to the best interests of the corporation as instead being references to the best interests of the sub-fund referred to in subsection (3); and
(b) treat references to causing detriment to the corporation as instead being references to causing detriment to the sub-fund referred to in subsection (3); and
(c) treat references to the business operations of the corporation as instead being references to the business operations of the sub-fund referred to in subsection (3).
(3) The sub-fund is:
(a) for a receiver, or receiver and manager, of the property of a sub-fund of the CCIV--the sub-fund; or
(b) for a liquidator of a sub-fund of the CCIV--the sub-fund; or
(c) for a trustee or other person administering a compromise or arrangement made between the CCIV and someone else--the sub-fund on whose members or creditors the compromise or arrangement is binding.