Commonwealth Consolidated Regulations

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Holding money and property of a CCIV on trust--exception

             (1)  For the purposes of subsection 1234K(1) of the Act, subsection 1234H(1) of the Act does not apply to the class of assets that is the money or property of a CCIV that is held outside of Australia in another jurisdiction in the circumstance mentioned in subregulation (2)

             (2)  For the purposes of subregulation (1), the circumstance is that:

                     (a)  it is not reasonable for the money or property of the CCIV to be held on trust under the laws in force in the other jurisdiction; and

                     (b)  there are adequate safeguards in place for protecting the money or property of the CCIV, including if the person holding the money or property of the CCIV becomes insolvent.

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