Commonwealth Consolidated Acts

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Retail CCIV--limitation on right of corporate director to acquire shares in CCIV

             (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).

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