Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1237N

Liquidator's powers relate only to the sub - fund

  (1)   The functions and powers of a liquidator of a sub - fund of a CCIV:

  (a)   include functions and powers conferred on the liquidator of a sub - fund of a CCIV by a provision of this Chapter; and

  (b)   to the extent those functions and powers are conferred on the liquidator by the winding up provisions referred to in subsection   1237B(2), as those provisions apply under this Division, extend only to matters that relate solely to the carrying on of the business of the sub - fund.

  (2)   However, the books of a CCIV that a liquidator of a sub - fund is entitled under subsection   477(3) to inspect at any reasonable time include:

  (a)   the allocation register kept by the corporate director under section   1233C (about the allocation of assets and liabilities to sub - funds); and

  (b)   any other books of the CCIV, to the extent the inspection of those books is necessary for the liquidator to perform or exercise the functions or powers of that office.

Note 1:   A person entitled to inspect a book may make copies or take extracts: see subsection   1300(3).

Note 2:   A provisional liquidator also has the power under subsection   477(3): see paragraph   472(4)(b).

Liquidator may instruct person who holds assets of a sub - fund

  (3)   If:

  (a)   a liquidator of a sub - fund of a CCIV is appointed; and

  (b)   one or more persons, other than the CCIV, holds assets of the sub - fund of the CCIV;

the powers conferred on the liquidator are taken to include the power to instruct each such person in relation to dealing with the assets of the sub - fund.

Liquidator may inspect certain books

  (4)   If:

  (a)   a liquidator of a sub - fund of a CCIV is appointed; and

  (b)   one or more persons, other than the CCIV, holds assets of the sub - fund of the CCIV;

the liquidator is entitled to inspect at any reasonable time books of each such person, to the extent the inspection of those books is necessary for the liquidator to perform or exercise the functions or powers of that office.

Note:   A person entitled to inspect a book may make copies or take extracts: see subsection   1300(3).

Definitions

  (5)   In this section:

"liquidator" includes a provisional liquidator.