Section 1224P — Corporations Act 2001 (Cth)

(1) The corporate director of a retail CCIV may acquire and hold a share in the CCIV, but the corporate director must only do so:

(a) for not less than the consideration that would be payable if the share were acquired by another person; and

(b) subject to terms and conditions that would not disadvantage other members.

Note: If the corporate director holds a share in the CCIV, the corporate director does so subject to section 253E, as affected by section 1228G (certain members cannot vote or be counted).

(2) A corporate director who contravenes subsection (1), and any person who is involved in a corporate director’s contravention of that subsection, contravenes this subsection.

Note 1: Section 79 defines involved.

Note 2: This subsection is a civil penalty provision (see section 1317E).

(3) A person must not intentionally be involved in a corporate director’s contravention of subsection (1).

Related sections

• s 1224L — Corporate director may appoint an agent or engage a person
• s 1224M — Retail CCIV—responsibility of corporate director for certain acts of agents
• s 1224N — Retail CCIV—limitation on right of corporate director to fees and indemnities
• s 1224Q — Exercise of powers while sub‑fund is in liquidation
• s 1224R — Changes only take effect when ASIC alters record of registration
• s 1224S — CCIV does not have an eligible corporate director

Research how courts apply s 1224P

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.