Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1224p
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1224P
Character Range: 5025295–5026293

1224P  Retail CCIV—limitation on right of corporate director to acquire shares in CCIV
 (1) The corporate director of a retail CCIV may acquire and hold a share in the CCIV, but the corporate director must only do so:
 (a) for not less than the consideration that would be payable if the share were acquired by another person; and
 (b) subject to terms and conditions that would not disadvantage other members.
Note: If the corporate director holds a share in the CCIV, the corporate director does so subject to section 253E, as affected by section 1228G (certain members cannot vote or be counted).
 (2) A corporate director who contravenes subsection (1), and any person who is involved in a corporate director's contravention of that subsection, contravenes this subsection.
Note 1: Section 79 defines involved.
Note 2: This subsection is a civil penalty provision (see section 1317E).
 (3) A person must not intentionally be involved in a corporate director's contravention of subsection (1).