(1) A part of the business of a CCIV must not be operated if it is not registered as a sub-fund.
(2) A part of the business of a CCIV that is registered as a sub-fund must be operated as a separate business from the business of any other sub-fund of the CCIV.
Requirement for corporate director to operate sub-funds as separate businesses
(3) The corporate director of a CCIV contravenes this subsection if:
(a) the corporate director operates a part of the business of the CCIV; and
(b) the operation contravenes subsection (1) or (2).
(4) A person commits an offence if the person contravenes subsection (3).
Strict liability offence
(5) A person commits an offence of strict liability if the person contravenes subsection (3).