Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1224n
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1224N
Character Range: 5024357–5025295

1224N  Retail CCIV—limitation on right of corporate director to fees and indemnities
  If the corporate director of a retail CCIV is to have any rights to be paid fees out of assets of a sub‑fund of the CCIV, or to be indemnified out of assets of a sub‑fund of the CCIV for liabilities or expenses incurred in relation to the performance of its duties, those rights:
 (a) must be specified in the CCIV's constitution; and
 (b) must be available only in relation to the proper performance of those duties;
and any other agreement or arrangement has no effect to the extent that it purports to confer such a right.
Note 1: ASIC may direct the CCIV to modify its constitution to ensure such rights are dealt with in adequate detail: see subsection 1223C(2).
Note 2: Sections 199A to 199C may prohibit giving an indemnity for the corporate director of a CCIV. Those sections have extended operation in relation to a CCIV: see section 1225E.