Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Money or property forms part of the assets of a sub - fund to the extent the money or property was obtained by the application of assets of the sub - fund.
Note: Division 4 of this Part requires assets of a sub - fund to be applied only for purposes relating to the sub - fund.
(2) Subject to subsection (1), the assets of a sub - fund of a CCIV at a particular time are the following:
(a) amounts paid up in consideration for the issue of shares that are referable to the sub - fund;
(b) money deposited with or lent to the CCIV under debentures that are referable to the sub - fund;
(c) shares acquired by the CCIV in respect of the sub - fund that are shares in the CCIV that are referable to another of the CCIV's sub - funds;
(d) money or property of the CCIV not covered by paragraph (a), (b) or (c), to the extent the money or property, at the time it is acquired, relates solely to the business of the sub - fund;
(e) if there is money or property of the CCIV not covered by paragraph (a), (b), (c) or (d) at the time it is acquired--the proportion (which may be nil) of the money or property that it is fair and reasonable, in the circumstances, to allocate to the sub - fund at that time.
Effect of an allocation determination
(3) Despite subsections (1) and (2), if:
(a) the corporate director of a CCIV determines under section 1233J that a particular proportion of certain money or property of a CCIV is allocated to a sub - fund of the CCIV; and
(b) the determination is operative (see subsection 1233J(4));
that proportion of the money or property is taken to form part of the assets of the sub - fund, and to have been part of the assets of the sub - fund from the time the money or property was acquired.
Note: If there is a single item of property that forms part of the assets of 2 or more sub - funds, it may not be held by the CCIV as an investment but must instead be converted into money or other fungible assets (see section 1233K).
Effect of a Court order about an arrangement or reconstruction
(4) Despite subsections (1), (2) and (3), the assets of a sub - fund of a CCIV:
(a) include assets that, in accordance with a Court order made under section 1235F (about arrangements and reconstructions of sub - funds), are to be assets of the sub - fund; and
(b) do not include assets that, in accordance with an order made under that section, are no longer to be assets of the sub - fund.
Note: Subsection (1) of this section applies to money or property obtained by the application of these assets of a sub - fund.
Regulations
(5) The regulations may provide for and in relation to matters to be considered in determining the extent to which money or property of a CCIV forms part of the assets of a sub - fund of the CCIV.