Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 1224ZA

Rights, obligations and liabilities of former corporate director

             (1)  If the corporate director of a CCIV changes, the rights, obligations and liabilities of the former corporate director in relation to the CCIV become rights, obligations and liabilities of the new corporate director.

             (2)  Despite subsection (1), the following rights and liabilities remain rights and liabilities of the former corporate director:

                     (a)  any right of the former corporate director to be paid fees for the performance of its functions before it ceased to be the corporate director;

                     (b)  any right of the former corporate director to be indemnified for expenses it incurred before it ceased to be the corporate director;

                     (c)  any right, obligation or liability that the former corporate director had as a member of the CCIV;

                     (d)  any liability for which the former corporate director could not have been indemnified out of the assets of the CCIV if it had remained the CCIV's corporate director;

                     (e)  any liability arising out of a contravention by the former corporate director of a provision of this Act.



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