Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1224Y

  (1)   This section applies if:

  (a)   a temporary corporate director is appointed by the Court under section   1224V; and

  (b)   within the period applicable under subsection   1224W(3), the temporary corporate director calls one or more members' meetings to consider and vote on a special resolution choosing a company to be the permanent corporate director; and

  (c)   the CCIV's members do not pass a special resolution choosing a permanent corporate director.

  (2)   An application to the Court for a winding up of all the sub - funds of the CCIV must be made by the corporate director of the CCIV.

Note:   For provisions about winding up a sub - fund of a CCIV, see Division   5 of Part   8B.6.

  (3)   An application to the Court for a winding up of all the sub - funds of the CCIV may be made by any of the following, if the corporate director does not do so:

  (a)   ASIC;

  (b)   a member, or group of members, of the CCIV.

  (4)   On an application under this section, the Court may:

  (a)   order the winding up of all the sub - funds of the CCIV; and

  (b)   make any further orders that the Court considers appropriate.