(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:
(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.