Commonwealth Consolidated Acts

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Corporate director may direct ASIC not to destroy books

             (1)  Before ASIC destroys, in accordance with subsection 70-31(9) of Schedule 2, books relating to the winding up of a sub-fund of a CCIV, ASIC must notify the CCIV that it intends to do so.

             (2)  Despite subsection 70-31(9) of Schedule 2, if:

                     (a)  ASIC retains books under subsection 70-31(8) of Schedule 2 in relation to the winding up of a sub-fund of a CCIV; and

                     (b)  the retention period mentioned in that subsection ends; and

                     (c)  the CCIV, by resolution of the corporate director, directs ASIC not to destroy the books;

ASIC must, as soon as practicable, transfer possession or control of those books to the CCIV.

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