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CORPORATIONS ACT 2001 - SECT 1224Y

Members fail to appoint permanent corporate director

             (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.



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