CORPORATIONS ACT 2001 - SECT 1224C General duties owed by officers

CORPORATIONS ACT 2001 - SECT 1224C

  (1)   Division   1 of Part   2D.1 (about general duties) applies to a CCIV with the modifications set out in this section.

  (2)   In applying Division   1 of Part   2D.1 (about general duties) in relation to an officer (other than a director) of a CCIV:

  (a)   treat references to the best interests of the corporation as instead being references to the best interests of the sub - fund referred to in subsection   (3); and

  (b)   treat references to causing detriment to the corporation as instead being references to causing detriment to the sub - fund referred to in subsection   (3); and

  (c)   treat references to the business operations of the corporation as instead being references to the business operations of the sub - fund referred to in subsection   (3).

  (3)   The sub - fund is:

  (a)   for a receiver, or receiver and manager, of the property of a sub - fund of the CCIV--the sub - fund; or

  (b)   for a liquidator of a sub - fund of the CCIV--the sub - fund; or

  (c)   for a trustee or other person administering a compromise or arrangement made between the CCIV and someone else--the sub - fund on whose members or creditors the compromise or arrangement is binding.