Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.