CORPORATIONS ACT 2001 - SECT 1236L Transfer of books to ASIC etc.

CORPORATIONS ACT 2001 - SECT 1236L

  (1)   Before ASIC destroys, in accordance with subsection   422D(9), books relating to the control of property of a sub - fund of a CCIV, ASIC must notify the CCIV that it intends to do so.

  (2)   Despite subsection   422D(9), if:

  (a)   ASIC retains books under subsection   422D(8) in relation to the control of property 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.