Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 8B.4.10

                   For the purposes of subsection 1230R(1) of the Act, a CCIV must not acquir e, in respect of a sub-fund of the CCIV (the acquiring sub-fund ), one or more shares referable to another sub-fund of the CCIV (the issuing sub-fund ) if, at the time of the proposed acquisition, the assets of the issuing sub-fund:

                     (a)  directly include; or

                     (b)  indirectly include, through one or more interposed sub-funds of the CCIV;

one or more shares referable to the acquiring sub-fund.

Note:          Paragraph (b) applies if, for example, at the time of the proposed acquisition:

(a)    the assets of the issuing sub-fund include shares referable to sub-fund C of the CCIV; and

(b)    the assets of sub-fund C include shares referable to sub-fund D of the CCIV; and

(c)    the assets of sub-fund D include shares referable to the acquiring sub-fund.

In this example, sub-funds C and D are each interposed sub-funds.