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CORPORATIONS ACT 2001 - SECT 1232C

Annual financial reports and directors' reports for sub-funds--general rules

             (1)  Division 1 of Part 2M.3 applies to a retail CCIV as if:

                     (a)  subsection 292(1) required the CCIV to prepare a financial report for each of its sub-funds for each financial year; and

                     (b)  subsections 292(1) and 298(1) required the CCIV to prepare a directors' report for each of its sub-funds for each financial year.

Note:          The CCIV is not required to prepare such reports for the CCIV itself.

             (2)  The remaining provisions of Division 1 of Part 2M.3 apply in relation to the following documents relating to each sub-fund of the retail CCIV:

                     (a)  a financial report and a directors' report referred to in subsection (1) of this section;

                     (b)  the documents of which the financial report consists under subsection 295(1);

as if the sub-fund were the CCIV.

Note:          The combined effect of subsection 1232(1) and this subsection is that references in the remaining provisions of Division 1 of Part 2M.3 to the company are, where appropriate, to be read as referring to the sub-fund.

Example:    References in the remaining provisions of Division 1 of Part 2M.3 to a listed company will be read as referring to the sub-fund if the sub-fund is listed (see also paragraph (c) of the definition of listed in section 9).

             (3)  Without limiting subsection (2), Division 1 of Part 2M.3 so applies as if references in that Division to members (other than references to members of an audit firm) were instead references to members of the sub-fund.

             (4)  Despite subsection (2), Division 1 of Part 2M.3 applies to the retail CCIV in relation to each of its sub-funds as if:

                     (a)  references in that Division to the officers of, or an officer of, the company were instead references to each of the following:

                              (i)  an officer of the CCIV;

                             (ii)  an officer of the corporate director of the CCIV; and

                     (b)  despite paragraph 1232(1)(a), references in that Division to the directors of, or a director of, the company were instead references to each of the following:

                              (i)  the corporate director of the CCIV;

                             (ii)  a director of the corporate director of the CCIV.

             (5)  Subparagraphs (4)(a)(i) and (b)(i) are included for the avoidance of doubt.



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