Document ID: chunk:federal_register_of_legislation:C2025C00012:clause:1_1224c
Version: federal_register_of_legislation:C2025C00012
Segment Type: clause
Provision Reference: sch 1 cl 1224C
Character Range: 45852–47024

1224C  General duties owed by officers
 (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.