Document ID: chunk:federal_register_of_legislation:C2025C00012:clause:1_1222k:p2
Version: federal_register_of_legislation:C2025C00012
Segment Type: clause
Provision Reference: sch 1 cl 1222K (pt 2/2)
Character Range: 19601–20605

sub‑fund of the CCIV is an Australian passport fund; and
 (b) the person became a member of the sub‑fund (whether in this jurisdiction or any host economy for the fund):
 (i) on the expectation that the sub‑fund would become an Australian passport fund; or
 (ii) after the sub‑fund became an Australian passport fund; and
 (c) the person:
 (i) is not, and has not at any time been, the corporate director of the CCIV; and
 (ii) is not a related party of an entity that is, or has at any time been, the corporate director of the CCIV.
Note: See section 1216B for the circumstances in which a person becomes a member of a fund on the expectation that it would become an Australian passport fund.

Regulations
 (5) The regulations may do either or both of the following:
 (a) prescribe additional circumstances in which a person is covered by subsection (2), (3) or (4) in relation to a CCIV;
 (b) provide that a particular class of person is not covered by subsection (2), (3) or (4) in relation to a CCIV.