Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1239D

Effect on assets of the CCIV

  (1)   Subsections   601AD(1A) to (4) and section   601AE apply in relation to the deregistration of a sub - fund of a CCIV.

Note:   Subsection   601AD(1) does not apply in relation to the deregistration of a sub - fund of a CCIV. The CCIV will continue to exist until the CCIV itself is deregistered.

  (2)   Those provisions apply as if a reference to property were instead a reference to property of the sub - fund.

Note:   For references to property of a sub - fund, see subsection   51F(3).

Books

  (3)   If a sub - fund of a CCIV is deregistered, the CCIV must keep the CCIV's books that relate to the sub - fund (other than books that a liquidator has to keep under subsection   70 - 35(1) of Schedule   2) for 3 years after the deregistration.

Note:   If the CCIV itself is deregistered, the corporate director of the CCIV immediately before it is deregistered is required to retain all books of the CCIV including these books: see section   1239L.

  (4)   An offence based on subsection   (3) is an offence of strict liability.

Consequences of deregistration on status as an Australian passport fund

  (5)   If:

  (a)   a sub - fund of a CCIV is deregistered; and

  (b)   the sub - fund was an Australian passport fund;

ASIC must annotate the Register of Passport Funds to indicate that the sub - fund is no longer an Australian passport fund, or cause that annotation to be made on the Register.