CORPORATIONS ACT 2001 - SECT 1236C Persons not to act as receivers

CORPORATIONS ACT 2001 - SECT 1236C

  (1)   A person is not qualified to be appointed, and must not act, as receiver of property of a sub - fund of a CCIV if the person:

  (a)   is a secured party in relation to any property (including PPSA retention of title property) of the sub - fund; or

  (b)   is the corporate director of the CCIV; or

  (c)   is a person who holds money or property of the CCIV; or

  (d)   is an auditor of the CCIV or the sub - fund; or

  (e)   is a director, secretary, senior manager or employee of a body corporate that is a secured party in relation to any property (including PPSA retention of title property) of the sub - fund; or

  (f)   is not a registered liquidator; or

  (g)   is a director, secretary, senior manager or employee of:

  (i)   the corporate director; or

  (ii)   a body corporate related to the corporate director; or

  (iii)   a body corporate related to the CCIV; or

  (h)   unless ASIC directs in writing that this paragraph does not apply in relation to the person in relation to the sub - fund of the CCIV--has at any time within the last 12 months been:

  (i)   a corporate director or promoter of the CCIV; or

  (ii)   a director, secretary, senior manager, employee or promoter of the corporate director or a related body corporate of the CCIV or the corporate director.

  (2)   Paragraph   (1)(f) does not apply in relation to a body corporate authorised by or under a law of the Commonwealth, of a State or of a Territory to act as receiver of property of the sub - fund concerned.

  (3)   Section   418 does not apply to a CCIV.

  (4)   In this section:

"senior manager" does not include a receiver and manager.