Corporations Act 2001
CHAPTER 8B
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CORPORATE COLLECTIVE INVESTMENT VEHICLES
PART 8B.3
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CORPORATE GOVERNANCE OF CCIVs
Division 5
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Member protection
Subdivision C
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Civil liability of corporate director to members
SECTION 1227M
CIVIL LIABILITY OF CORPORATE DIRECTOR TO MEMBERS
1227M(1)
A member of a CCIV who suffers loss or damage because of conduct of the CCIV ' s corporate director that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the corporate director whether or not the corporate director has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.
1227M(2)
An action under subsection (1) must be begun within 6 years after the cause of action arises.
1227M(3)
This section does not affect any liability that a person has under other provisions of this Act or under other laws.
View history note
Hide history noteCCH Note: Division 5 is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Subdivision C is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
CCH Note: Section 1227M is modified by the ASIC Corporations (Chapter 5C - Miscellaneous Provisions) Instrument 2017/125.
A member of a CCIV who suffers loss or damage because of conduct of the CCIV ' s corporate director that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the corporate director whether or not the corporate director has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.
1227M(2)
An action under subsection (1) must be begun within 6 years after the cause of action arises.
1227M(3)
This section does not affect any liability that a person has under other provisions of this Act or under other laws.
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