Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person is not qualified to be appointed, and must not act, as receiver of property of a sub-fund of a CCIV if the person:
(a) is a secured party in relation to any property (including PPSA retention of title property) of the sub-fund; or
(b) is the corporate director of the CCIV; or
(c) is a person who holds money or property of the CCIV; or
(d) is an auditor of the CCIV or the sub-fund; or
(e) is a director, secretary, senior manager or employee of a body corporate that is a secured party in relation to any property (including PPSA retention of title property) of the sub-fund; or
(f) is not a registered liquidator; or
(g) is a director, secretary, senior manager or employee of:
(i) the corporate director; or
(ii) a body corporate related to the corporate director; or
(iii) a body corporate related to the CCIV; or
(h) unless ASIC directs in writing that this paragraph does not apply in relation to the person in relation to the sub-fund of the CCIV--has at any time within the last 12 months been:
(i) a corporate director or promoter of the CCIV; or
(ii) a director, secretary, senior manager, employee or promoter of the corporate director or a related body corporate of the CCIV or the corporate director.
(2) Paragraph (1)(f) does not apply in relation to a body corporate authorised by or under a law of the Commonwealth, of a State or of a Territory to act as receiver of property of the sub-fund concerned.
(3) Section 418 does not apply to a CCIV.
(4) In this section:
"senior manager" does not include a receiver and manager.