(1) The corporate director of a CCIV is to:
(a) operate the business and conduct the affairs of the CCIV; and
(b) perform the functions conferred on the corporate director by the CCIV's constitution and this Act.
Note 1: If a CCIV commits an offence or contravenes a civil penalty provision, the corporate director is generally responsible: see Division 7 of this Part.
Note 2: Section 1224Q is about the exercise of powers by the corporate director while a sub-fund is in liquidation.
(2) The corporate director of a CCIV may exercise all the powers of the CCIV except any powers that this Act or the CCIV's constitution requires:
(a) the CCIV to exercise in general meeting; or
(b) the members of a sub-fund of the CCIV to exercise in a meeting of members of the sub-fund.