(1) This section applies to a sub-fund of a CCIV at a time if liquid assets account for at least 80% of the value of the assets of the sub-fund at that time.
(2) For the purposes of subsection (1):
(a) the following are liquid assets unless it is proved that the CCIV cannot reasonably expect to realise them within the period specified in the constitution for satisfying redemptions while the sub-fund is liquid:
(i) money in an account or on deposit with a bank;
(ii) bank accepted bills;
(iii) marketable securities (as defined in section 9);
(iv) property of a kind prescribed by regulations made for the purposes of this subparagraph; and
(b) any other property is a liquid asset if the corporate director reasonably expects that the property can be realised for its market value within the period specified in the constitution for satisfying redemptions while the sub-fund is liquid.