Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1235

Terms or expressions that have a particular meaning in relation to a sub - fund

  (1)   To avoid doubt, if:

  (a)   a term or expression has a particular meaning in this Act in relation to a sub - fund of a CCIV; and

  (b)   the term or expression occurs in a provision, in relation to a reference (including an implied reference) that is required by this Part to be substituted with a reference to a sub - fund;

then the meaning the term or expression has in relation to the sub - fund in the provision is the meaning referred to in paragraph   (a).

Note:   Examples of terms or expressions that have a particular meaning in relation to a sub - fund of a CCIV include the following:

(a)   contributory (see section   9);

(b)   creditor and secured creditor (see section   9);

(c)   deregister (see Division   9 of this Part);

(d)   extraordinary resolution (see section   9);

(e)   member (see section   1222Q);

(f)   property (see subsection   51F(3));

(g)   solvent and insolvent (see section   1231A);

(h)   special resolution (see section   9).

Terms or expressions that do not have a particular meaning in relation to a sub - fund

  (2)   If:

  (a)   a term or expression has a particular meaning in this Act or in a provision of this Act in relation to a company, corporation or body corporate; and

  (b)   because of a reference (including an implied reference) that is required by this Part to be substituted with a reference to a sub - fund, it is necessary to determine the meaning of the term or expression in relation to a sub - fund of a CCIV; and

  (c)   the term or expression does not have a particular meaning in relation to a sub - fund of a CCIV;

then the meaning the term or expression has in relation to the sub - fund is the meaning the term or expression would have in relation to the CCIV if the CCIV had no other sub - funds.

Note:   For example, the term related entity is defined in section   9 in relation to a body corporate, and is not defined in relation to a sub - fund of a CCIV. To determine whether a person is a related entity of a sub - fund:

(a)   first, assume that the CCIV has no other sub - funds (this includes disregarding any shares held by the CCIV that are assets of other sub - funds of the CCIV); and

(b)   then, apply the definition of related entity in section   9 to the CCIV based on that assumption.

  As a result, a member of the CCIV (paragraph   (d) of the definition of related entity ) will only be a related entity of a sub - fund of the CCIV if the person is a member of the sub - fund.