CORPORATIONS ACT 2001 - SECT 1223C Retail CCIV--ASIC may direct CCIV to modify its constitution

CORPORATIONS ACT 2001 - SECT 1223C

  (1)   ASIC may direct a retail CCIV to modify its constitution, as set out in the direction, to ensure that the CCIV's constitution complies with the content requirements applicable to the CCIV under Subdivision C. The direction is to be given by notice in writing to the CCIV.

  (2)   ASIC may also direct a retail CCIV to modify its constitution, as set out in the direction, to ensure that the CCIV's constitution deals in adequate detail with:

  (a)   the matters required to be included in the constitution under Subdivision C; and

  (b)   the specification (if any) of any rights of the corporate director to be paid fees out of assets of a sub - fund of the CCIV, as mentioned in section   1224N.

  (3)   Despite section   1223D, the corporate director may modify the constitution to comply with the direction.

  (4)   The CCIV must comply with the direction within 14 days after being given it.

  (5)   The CCIV must lodge with ASIC a copy of the modified constitution within 14 days after the modification.

  (6)   An offence based on subsection   (4) or (5) is an offence of strict liability.