Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Before ASIC destroys, in accordance with subsection 70 - 31(9) of Schedule 2, books relating to the winding up of a sub - fund of a CCIV, ASIC must notify the CCIV that it intends to do so.
(2) Despite subsection 70 - 31(9) of Schedule 2, if:
(a) ASIC retains books under subsection 70 - 31(8) of Schedule 2 in relation to the winding up of a sub - fund of a CCIV; and
(b) the retention period mentioned in that subsection ends; and
(c) the CCIV, by resolution of the corporate director, directs ASIC not to destroy the books;
ASIC must, as soon as practicable, transfer possession or control of those books to the CCIV.