(1) This section applies if:
(a) a CCIV contravenes a provision covered by subsection (2); and
(b) the conduct constituting the contravention was not engaged in by the CCIV solely as a result of an exercise of powers by:
(i) a liquidator or provisional liquidator of a sub-fund of the CCIV; or
(ii) a receiver, or receiver and manager, of the property of a sub-fund of the CCIV; or
(iii) a trustee or other person administering a compromise or arrangement made between the CCIV and someone else.
Commonwealth civil penalty provisions
(2) This subsection covers a provision (a Commonwealth civil penalty provision ) that is:
(a) a civil penalty provision (within the meaning of this Act); or
(b) a provision of a law of the Commonwealth (other than this Act), if a civil penalty may be imposed in relation to a contravention of the provision.
Corporate director taken to also contravene the provision
(3) The person who was the corporate director of the CCIV at the time of the contravention is taken to also contravene the provision.
Note: This subsection applies whether or not a declaration of contravention by the CCIV has been made by a Court.
CCIV not liable
(4) The CCIV is not liable for any penalty in respect of the contravention.
(5) If, as a result of the operation of subsection (3), an infringement notice (however described) may be given under a law of the Commonwealth to a person who was the corporate director of a CCIV for an alleged contravention by the person of a Commonwealth civil penalty provision:
(a) the person may be given the infringement notice; and
(b) the CCIV may not be given an infringement notice for the alleged contravention.