Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Section 228 does not apply in relation to a CCIV.
(2) The following are related parties of a CCIV:
(a) the corporate director of the CCIV;
(b) an entity that controls the corporate director of the CCIV.
(3) The following persons are related parties of a CCIV:
(a) directors of the corporate director of the CCIV;
(b) directors (if any) of an entity that controls the corporate director of the CCIV;
(c) if the corporate director of the CCIV is controlled by an entity that is not a body corporate--each of the persons making up the controlling entity;
(d) spouses of the persons referred to in paragraphs (a), (b) and (c).
Relatives of directors and spouses
(4) The following relatives of persons referred to in subsection (3) are related parties of the CCIV:
(a) parents;
(b) children.
Entities controlled by other related parties
(5) An entity controlled by a related party referred to in subsection (2), (3) or (4) is a related party of the CCIV unless the entity is also controlled by the CCIV.
Related party in previous 6 months
(6) An entity is a related party of a CCIV at a particular time if the entity was a related party of the CCIV of a kind referred to in subsection (2), (3), (4) or (5) at any time within the previous 6 months.
Entity has reasonable grounds to believe it will become related party in future
(7) An entity is a related party of a CCIV at a particular time if the entity believes or has reasonable grounds to believe that it is likely to become a related party of the CCIV of a kind referred to in subsection (2), (3), (4) or (5) at any time in the future.
Acting in concert with related party
(8) An entity is a related party of a CCIV if the entity acts in concert with a related party of the CCIV on the understanding that the related party will receive a financial benefit if the CCIV gives the entity a financial benefit.