Section 1239D — Corporations Act 2001 (Cth)

Effect on assets of the CCIV

(1) Subsections 601AD(1A) to (4) and section 601AE apply in relation to the deregistration of a sub‑fund of a CCIV.

Note: Subsection 601AD(1) does not apply in relation to the deregistration of a sub‑fund of a CCIV. The CCIV will continue to exist until the CCIV itself is deregistered.

(2) Those provisions apply as if a reference to property were instead a reference to property of the sub‑fund.

Note: For references to property of a sub‑fund, see subsection 51F(3).

Books

(3) If a sub‑fund of a CCIV is deregistered, the CCIV must keep the CCIV’s books that relate to the sub‑fund (other than books that a liquidator has to keep under subsection 70‑35(1) of Schedule 2) for 3 years after the deregistration.

Note: If the CCIV itself is deregistered, the corporate director of the CCIV immediately before it is deregistered is required to retain all books of the CCIV including these books: see section 1239L.

(4) An offence based on subsection (3) is an offence of strict liability.

Consequences of deregistration on status as an Australian passport fund

(5) If:

(a) a sub‑fund of a CCIV is deregistered; and

(b) the sub‑fund was an Australian passport fund;

ASIC must annotate the Register of Passport Funds to indicate that the sub‑fund is no longer an Australian passport fund, or cause that annotation to be made on the Register.

Related sections

• s 1239A — Deregistration of a sub‑fund—ASIC initiated
• s 1239B — Process for ASIC initiated deregistration of a sub‑fund
• s 1239C — Deregistration of a sub‑fund—following amalgamation or winding up
• s 1239E — The Commonwealth’s and ASIC’s power to fulfil outstanding obligations in relation to deregistered sub‑fund
• s 1239F — Claims against insurers in relation to deregistered sub‑fund
• s 1239G — Reinstatement of a sub‑fund

Research how courts apply s 1239D

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