Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.6 - EXTERNAL ADMINISTRATION AND DEREGISTRATION  

Division 6 - Recovering property of sub funds  

SECTION 1238C   WHEN DEBTS ARISE IN RELATION TO REDEEMABLE SHARES  

1238C(1)    
For the purposes of section 588G , if a CCIV takes action set out in column 1 of an item of the following table, it incurs a debt at the time set out in column 2 of the item.

When debts are incurred
Item	Column 1 Action of company	Column 2 When debt is incurred
1	redeeming redeemable shares that are redeemable only at its option	when the company exercises the option
2	issuing redeemable shares that are issued on terms that they are liable to be redeemed otherwise than only at its option	when the shares are issued
3	converting under section 1230C a share that is not a redeemable share into a share that is liable to be redeemed otherwise than only at its option	when the shares are converted

1238C(2)    
This section has effect in relation to a CCIV in addition to the table set out in subsection 588G(1A) .