Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The property recovery provisions referred to in subsection (2) apply to a CCIV subject to:
(a) such modifications as are set out in this Division; and
(b) such other modifications as are made necessary by the facts that:
(i) for a CCIV, solvency and insolvency are determined at the level of a sub - fund, instead of at the level of the CCIV; and
(ii) the officers to whom the provisions are directed are the officers of the corporate director, instead of the officers of the CCIV.
(2) The provisions (the property recovery provisions ) are as follows:
(a) Divisions 3, 4, 5 and 6 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 regulations may specify provisions that are excluded from the property recovery provisions.
Translation rules
(4) In the application of the property recovery 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 company (the relevant company ) in relation to which the provision applies (whether the reference is express or implied, and (if the reference is express) whether the company is referred to as a company, a body corporate, a corporation, 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 company | the directors, or a director, or the board of the corporate director of the CCIV |
3 | an officer of the corporate director | |
4 | ||
(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 company 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.