CORPORATIONS ACT 2001 - SECT 1234J How CCIV money and property must be held

CORPORATIONS ACT 2001 - SECT 1234J

  (1)   A person who holds assets of a sub - fund of a CCIV that have been clearly identified as such in the CCIV's allocation register must hold the assets separately from any other property (including from assets of any other sub - fund of the CCIV).

Note:   This subsection is a civil penalty provision (see section   1317E).

  (2)   A person who holds money or property of a CCIV that has not yet been clearly identified in the CCIV's allocation register as forming part of the assets of a sub - fund or sub - funds of the CCIV must hold that money or property separately from any other property.

Note:   This subsection is a civil penalty provision (see section   1317E).

  (3)   Despite subsection   (1), a person who holds an item of property of a CCIV to which section   1233K (about property that has to be converted into money etc.) applies must hold that item of property separately from any other property.

Note:   This subsection is a civil penalty provision (see section   1317E).

  (4)   Subsections   (1), (2) and (3) are subject to the regulations made for the purposes of this subsection.

Strict liability offence

  (5)   An offence based on subsection   (1), (2) or (3) is an offence of strict liability.