CORPORATIONS ACT 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.5 - THE COMPLIANCE COMMITTEE  

SECTION 601JD   DUTIES OF MEMBERS  

601JD(1)   [ Members' duties]  

A member of a scheme's compliance committee must:


(a) act honestly; and


(b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and


(c) not make use of information acquired through being a member of the committee in order to:


(i) gain an improper advantage for the member or another person; or

(ii) cause detriment to the members of the scheme; and


(d) not make improper use of their position as a member of the committee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

601JD(2)   [ Assistance]  

A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection 601FF(1).

601JD(3)   [ Contravention]  

A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved .

Note 2: Subsection (3) is a civil penalty provision (see section 1317E).

601JD(4)   [ Intentional or reckless contravention, etc]  

A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).

601JD(5)-(6)  
(Repealed by No 117 of 2001, s 3, Sch 1 [ 189-190] (effective 18 September 2001).)


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