(1) If the corporate director of a CCIV wants to retire as corporate director, it must call a members' meeting to explain its reason for wanting to retire and to enable the members to vote on a resolution to choose a company to be the new corporate director. The resolution must be a special resolution.
(2) The notice of meeting of the CCIV's members must:
(a) set out the corporate director's reason for wanting to retire; and
(b) nominate as the new corporate director a company (the nominated company ) that:
(i) meets the requirements of section 1224F; and
(ii) has consented in writing to being chosen as the new corporate director of the CCIV.
(3) If the members choose the nominated company to be the new corporate director, as soon as practicable and in any event within 2 business days after the day of the meeting, the current corporate director must lodge a notice with ASIC asking it to alter the record of the CCIV's registration to name the nominated company as the corporate director of the CCIV.
(a) the members choose the nominated company to be the new corporate director; and
(b) the current corporate director does not lodge the notice required by subsection (3);
the nominated company may lodge that notice.
(5) An offence based on subsection (3) is an offence of strict liability.
(6) If the members do not choose the nominated company to be the new corporate director, an application to the Court for appointment of a temporary corporate director under section 1224V may be made by the current corporate director of the CCIV.