Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The controller provisions referred to in subsection (2) apply to a CCIV with:
(a) the modifications set out in this Division; and
(b) such other modifications as are made necessary by the fact that the provisions are applying to a sub - fund instead of to a corporation.
(2) The provisions (the controller provisions ) are as follows:
(a) Part 5.2 and Division 2B of Part 5.7B (other than a provision excluded by subsection (3));
(b) the other provisions of the Corporations legislation (other than a provision excluded by subsection (3)) to the extent to which they relate to the operation of the provisions referred to in paragraph (a).
(3) For the purposes of subsection (2), the provisions excluded from the controller provisions are as follows:
(a) section 416;
(b) section 418;
(c) a provision prescribed by regulations made for the purposes of this paragraph.
Note: Section 1236C applies instead of section 418.
Translation rules
(4) In the application of the controller provisions, those provisions apply as if the substitutions set out in the following table were made.
Substitutions to be made | ||
Item | Column 1 | Column 2
|
1 | refers to the corporation (the relevant corporation ) in relation to whose property a controller has been, or is to be appointed (whether the reference is express or implied, and (if the reference is express) whether the corporation is referred to as a corporation, a company, a body corporate, or in some other way), and the reference is not covered by another item of this table | the sub - fund (but see subsections (5) and (6)) |
2 | refers to the directors, or a director, or the board of the relevant corporation | the corporate director of the CCIV |
3 | refers to an officer of the relevant corporation | each of the following: (b) a person covered by paragraph (b), (c) or (d) of the definition of officer of a CCIV in section 1224B in relation to the sub - fund |
4 | refers to shares in the relevant corporation | |
5 | refers to debentures of the relevant corporation | debentures referable to the sub - fund |
(5) Despite item 1 of the table in subsection (4), a reference covered by column 1 of that item is taken to be a reference to the CCIV if the context of the reference so requires (for example, because the reference requires the legal capacity and powers of a company).
(6) If a reference in a provision to the relevant corporation is, as a result of subsection (5), taken to be a reference to the CCIV, the operation of the provision in relation to the CCIV is confined, to the extent possible, to the sub - fund.