Corporate director's powers
(1) The corporate director of a CCIV may modify the CCIV's compliance plan or repeal it and replace it with a new compliance plan.
ASIC may require modifications
(2) ASIC may give the corporate director of a retail CCIV a direction, in writing, to modify the CCIV's compliance plan, as set out in the direction, to ensure that the plan is consistent with section 1226A. The direction must specify the period (which must be at least 14 days after the direction is given) within which the corporate director must make the modification.
(3) The corporate director must comply with the direction within the period specified.
Lodgement of modification or new plan
(4) The corporate director must lodge with ASIC a copy of a modification of the CCIV's compliance plan or of a new compliance plan within 14 days after the modification is made or the old plan is repealed. The copy must be signed by all the directors of the corporate director.
(5) An offence based on subsection (3) or (4) is an offence of strict liability.