Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1241ZD

Buy - back of shares in a CCIV

  (1)   Treat section   1043B as also providing that subsection   1043A(1) does not apply in respect of the acquisition of shares as part of a buy - back by a CCIV if the amount paid to each affected member of the CCIV for the buy - back is calculated (so far as is reasonably practicable) by reference to:

  (a)   the underlying value of the assets of the sub - fund to which the shares are referable; less

  (b)   any reasonable charge for the buy - back.

Redemption of shares in a CCIV

  (2)   Treat section   1043B as also providing that subsection   1043A(1) does not apply in respect of the redemption of shares in a CCIV if the amount paid to each affected member on redemption is calculated (so far as is reasonably practicable) by reference to:

  (a)   the underlying value of the assets of the sub - fund to which the shares are referable; less

  (b)   any reasonable charge for that redemption.

Officer or employee is aware of certain transactions

  (3)   Subsections   1043I(2) and (3) apply to a body corporate that is a CCIV as if the reference in subsection   1043I(2) to an officer or employee of the body corporate were instead a reference to:

  (a)   the corporate director of the CCIV acting on behalf of the CCIV; or

  (b)   an officer or employee (an official ) of the corporate director of the CCIV acting:

  (i)   on behalf of the CCIV; and

  (ii)   within the scope of the official's actual or apparent authority in relation to the corporate director;

and as if subsection   1043I(3) were not enacted, and the reference to that subsection in subsection   1043I(2) were omitted.

  (4)   If the second person for the purposes of section   1043J is a CCIV, that section applies as if the reference in subsection   1043J(1) to the first person were instead a reference to:

  (a)   an agent of the CCIV acting:

  (i)   on behalf of the CCIV; and

  (ii)   within the scope of the agent's actual or apparent authority in relation to the CCIV; or

  (b)   the corporate director of the CCIV acting on behalf of the CCIV; or

  (c)   an officer or employee (an official ) of the corporate director of the CCIV acting:

  (i)   on behalf of the CCIV; and

  (ii)   within the scope of the official's actual or apparent authority in relation to the corporate director;

and as if subsection   1043J(2) were not enacted, and the reference to that subsection in subsection   1043J(1) were omitted.