(1) The liabilities of a sub-fund of a CCIV must be clearly identified in the allocation register as liabilities of the sub-fund.
(2) If section 1233M (about liabilities allocated to 2 or more sub-funds) applies to a liability of a CCIV:
(a) the liability must be clearly identified in the allocation register as a liability to which that section applies; and
(b) the proportion of the liability applicable to each sub-fund under subsection 1233L(2) must be clearly identified in the allocation register as the proportion applicable to the sub-fund.
(3) The corporate director must make entries in the allocation register as required in order to ensure the allocation register makes the identifications required by subsections (1) and (2).
(4) An entry required by subsection (3) must be made within:
(a) for a case where a liability arises--5 business days after the liability arises; or
(b) for a case where a liability is discharged, or otherwise ceases to be a liability of the sub-fund--5 business days after the discharge or cessation.
Note: For the liabilities of a CCIV, and when they arise, see section 1233A.
(5) A person commits an offence if:
(a) the person is subject to a requirement under subsection (3); and
(b) the person fails to comply with the requirement.
Strict liability offence
(6) A person commits an offence of strict liability if the person contravenes subsection (3).