Commonwealth Consolidated Acts

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Purposes for which sub-fund assets may be applied

                   This section covers the following purposes:

                     (a)  meeting liabilities of the sub-fund;

                     (b)  carrying on the business of the sub-fund;

                     (c)  paying a dividend to members of the sub-fund;

                     (d)  providing consideration to a member of the sub-fund in respect of a reduction of share capital affecting the sub-fund;

                     (e)  redeeming redeemable shares or redeemable preference shares that are referable to the sub-fund;

                      (f)  making a payment covered by section 1237Y (about winding up);

                     (g)  making a payment covered by section 1236K (about certain priority payments by a receiver);

                     (h)  complying with a compromise or arrangement relating to the sub-fund and approved by the Court under paragraph 411(4)(b), or an order made under section 413 in relation to such a compromise or arrangement;

                      (i)  making any other distribution to members of the sub-fund that the CCIV is permitted by this Act and its constitution to make;

                      (j)  a purpose prescribed by regulations made for the purposes of this paragraph.

Note:          The assets may also be applied in accordance with a court order: see subsection 1234E(2).

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