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CORPORATIONS ACT 2001 - SECT 1237P

Retention and destruction of books

             (1)  The following provisions do not apply in relation to a winding up of a sub-fund:

                     (a)  subsection 70-35(3) of Schedule 2 (about when an external administrator is not required to retain books);

                     (b)  subsection 70-35(4) of Schedule 2 (about when an external administrator may destroy books).

Liquidator must transfer books to CCIV

             (2)  If:

                     (a)  books are retained under section 70-35 of Schedule 2 by a liquidator of a sub-fund in relation to a winding up of the sub-fund; and

                     (b)  the retention period mentioned in subsection 70-35(1) of that Schedule ends; and

                     (c)  before the end of the retention period, the CCIV requests the liquidator by notice in writing to transfer possession or control of the books to the CCIV;

the liquidator must, as soon as practicable after the end of the retention period, transfer possession or control of those books to the CCIV.

             (3)  Otherwise, the books may be destroyed at the end of the retention period.

Offence

             (4)  A person commits an offence if:

                     (a)  the person is subject to a requirement under subsection (2); and

                     (b)  the person intentionally or recklessly fails to comply with the requirement.



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