Corporations Act 2001
Before ASIC destroys, in accordance with subsection 422D(9) , books relating to the control of property of a sub-fund of a CCIV, ASIC must notify the CCIV that it intends to do so.
1236L(2)
Despite subsection 422D(9) , if: (a) ASIC retains books under subsection 422D(8) in relation to the control of property of a sub-fund of a CCIV; and (b) the retention period mentioned in that subsection ends; and (c) the CCIV, by resolution of the corporate director, directs ASIC not to destroy the books;
ASIC must, as soon as practicable, transfer possession or control of those books to the CCIV.
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