Section 1224Y — Corporations Act 2001 (Cth)

(1) This section applies if:

(a) a temporary corporate director is appointed by the Court under section 1224V; and

(b) within the period applicable under subsection 1224W(3), the temporary corporate director calls one or more members’ meetings to consider and vote on a special resolution choosing a company to be the permanent corporate director; and

(c) the CCIV’s members do not pass a special resolution choosing a permanent corporate director.

(2) An application to the Court for a winding up of all the sub‑funds of the CCIV must be made by the corporate director of the CCIV.

Note: For provisions about winding up a sub‑fund of a CCIV, see Division 5 of Part 8B.6.

(3) An application to the Court for a winding up of all the sub‑funds of the CCIV may be made by any of the following, if the corporate director does not do so:

(a) ASIC;

(b) a member, or group of members, of the CCIV.

(4) On an application under this section, the Court may:

(a) order the winding up of all the sub‑funds of the CCIV; and

(b) make any further orders that the Court considers appropriate.

Related sections

• s 1224V — Appointment of temporary corporate director by Court
• s 1224W — Temporary corporate director to initiate appointment of permanent corporate director
• s 1224X — Temporary corporate director fails to initiate appointment of permanent corporate director
• s 1224Z — Former corporate director to hand over books and provide reasonable assistance
• s 1224ZA — Rights, obligations and liabilities of former corporate director
• s 1224ZB — Effect of change of corporate director on documents etc. to which former corporate director is party

Research how courts apply s 1224Y

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