Document ID: chunk:federal_register_of_legislation:C2025C00012:clause:1_1224j
Version: federal_register_of_legislation:C2025C00012
Segment Type: clause
Provision Reference: sch 1 cl 1224J
Character Range: 56131–56961

1224J  Corporate director must operate the CCIV
 (1) The corporate director of a CCIV is to:
 (a) operate the business and conduct the affairs of the CCIV; and
 (b) perform the functions conferred on the corporate director by the CCIV's constitution and this Act.
Note 1: If a CCIV commits an offence or contravenes a civil penalty provision, the corporate director is generally responsible: see Division 7 of this Part.
Note 2: Section 1224Q is about the exercise of powers by the corporate director while a sub‑fund is in liquidation.
 (2) The corporate director of a CCIV may exercise all the powers of the CCIV except any powers that this Act or the CCIV's constitution requires:
 (a) the CCIV to exercise in general meeting; or
 (b) the members of a sub‑fund of the CCIV to exercise in a meeting of members of the sub‑fund.