CORPORATIONS ACT 2001 - SECT 1234B Purposes for which sub - fund assets may be applied

CORPORATIONS ACT 2001 - SECT 1234B

    This section covers the following purposes:

  (a)   meeting liabilities of the sub - fund;

  (b)   carrying on the business of the sub - fund;

  (c)   paying a dividend to members of the sub - fund;

  (d)   providing consideration to a member of the sub - fund in respect of a reduction of share capital affecting the sub - fund;

  (e)   redeeming redeemable shares or redeemable preference shares that are referable to the sub - fund;

  (f)   making a payment covered by section   1237Y (about winding up);

  (g)   making a payment covered by section   1236K (about certain priority payments by a receiver);

  (h)   complying with a compromise or arrangement relating to the sub - fund and approved by the Court under paragraph   411(4)(b), or an order made under section   413 in relation to such a compromise or arrangement;

  (i)   making any other distribution to members of the sub - fund that the CCIV is permitted by this Act and its constitution to make;

  (j)   a purpose prescribed by regulations made for the purposes of this paragraph.

Note:   The assets may also be applied in accordance with a court order: see subsection   1234E(2).