Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.4 - CORPORATE FINANCE AND FINANCIAL REPORTING FOR CCIVs  

Division 1 - Shares  

Subdivision F - Cross-investment between sub-funds of a CCIV  

SECTION 1230S   CONSEQUENCES FOR FAILING TO COMPLY WITH REQUIREMENTS OR RESTRICTIONS FOR CROSS-INVESTMENT  

1230S(1)    
A CCIV to which regulations made for the purposes of subsection 1230R(1) apply in relation to an acquisition must comply with any applicable requirements or restrictions in those regulations.

Consequences for CCIV of contravention

1230S(2)    
If a CCIV contravenes subsection (1) :

(a)    the contravention does not affect the validity of the acquisition or of any contract or transaction connected with it; and

(b)    the CCIV does not commit an offence.

Fault-based offence

1230S(3)    
A person commits an offence if the person is involved in a CCIV ' s contravention of subsection (1) and the involvement is dishonest.

Civil liability

1230S(4)    
A person who is involved in a CCIV ' s contravention of subsection (1) contravenes this subsection.

Note 1: This subsection is a civil penalty provision (see section 1317E ).

Note 2: There are other possible consequences for such a contravention, including the suspension or cancellation of an Australian financial services licence held by the CCIV ' s corporate director (see paragraph 915C(1)(a) ).