Document ID: chunk:federal_register_of_legislation:C2025C00012:clause:1_1224y
Version: federal_register_of_legislation:C2025C00012
Segment Type: clause
Provision Reference: sch 1 cl 1224Y
Character Range: 71406–72555

1224Y  Members fail to appoint permanent corporate director
 (1) This section applies if:
 (a) a temporary corporate director is appointed by the Court under section 1224V; and
 (b) within the period applicable under subsection 1224W(3), the temporary corporate director calls one or more members' meetings to consider and vote on a special resolution choosing a company to be the permanent corporate director; and
 (c) the CCIV's members do not pass a special resolution choosing a permanent corporate director.
 (2) An application to the Court for a winding up of all the sub‑funds of the CCIV must be made by the corporate director of the CCIV.
Note: For provisions about winding up a sub‑fund of a CCIV, see Division 5 of Part 8B.6.
 (3) An application to the Court for a winding up of all the sub‑funds of the CCIV may be made by any of the following, if the corporate director does not do so:
 (a) ASIC;
 (b) a member, or group of members, of the CCIV.
 (4) On an application under this section, the Court may:
 (a) order the winding up of all the sub‑funds of the CCIV; and
 (b) make any further orders that the Court considers appropriate.