Commonwealth Consolidated Acts

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Debentures can only be issued in respect of sub-funds

             (1)  A CCIV can issue a debenture only if the debenture holder's rights in respect of assets of the CCIV are restricted to rights in respect of the assets of one (and only one) sub-fund of the CCIV. This is the sub-fund to which the debenture is referable .

             (2)  Subsection (1) limits paragraph 124(1)(b) in relation to a CCIV.

             (3)  If a security interest is included in or created by a debenture or the trust deed required by section 283AB, the security interest must not be over property of the CCIV that forms part of the assets of a different sub-fund of the CCIV.

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