CORPORATIONS ACT 2001 - SECT 1224G Retail CCIV--additional rules about who can be the director

CORPORATIONS ACT 2001 - SECT 1224G

  (1)   At least half of the directors of the corporate director of a retail CCIV must be external directors.

  (2)   A director of the corporate director is an external director if the director:

  (a)   is not, and has not been in the previous 2 years, an employee of the corporate director or a related body corporate; and

  (b)   is not, and has not been in the previous 2 years, a senior manager of the corporate director or a related body corporate; and

  (c)   is not, and has not been in the previous 2 years, substantially involved in business dealings, or in a professional capacity, with the corporate director or a related body corporate; and

  (d)   is not a member of a partnership that is, or has been in the previous 2 years, substantially involved in business dealings, or in a professional capacity, with the corporate director or a related body corporate; and

  (e)   does not have a material interest in the corporate director or a related body corporate; and

  (f)   is not a relative of a person who has a material interest in the corporate director or a related body corporate.

  (3)   The corporate director of a retail CCIV must not fail to comply with subsection   (1) for a period exceeding 14 days (or a longer period allowed in writing by ASIC).

Fault - based offence

  (4)   A person commits an offence if the person intentionally or recklessly fails to comply with subsection   (3).

Strict liability offence

  (5)   A person commits an offence of strict liability if the person fails to comply with subsection   (3).

  (6)   In agreeing to a longer period under subsection   (3), ASIC may impose conditions to be complied with and the corporate director must comply with them.

  (7)   An offence based on subsection   (6) is an offence of strict liability.