Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1224P

  (1)   The corporate director of a retail CCIV may acquire and hold a share in the CCIV, but the corporate director must only do so:

  (a)   for not less than the consideration that would be payable if the share were acquired by another person; and

  (b)   subject to terms and conditions that would not disadvantage other members.

Note:   If the corporate director holds a share in the CCIV, the corporate director does so subject to section   253E, as affected by section   1228G (certain members cannot vote or be counted).

  (2)   A corporate director who contravenes subsection   (1), and any person who is involved in a corporate director's contravention of that subsection, contravenes this subsection.

Note 1:   Section   79 defines involved.

Note 2:   This subsection is a civil penalty provision (see section   1317E).

  (3)   A person must not intentionally be involved in a corporate director's contravention of subsection   (1).