New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 5A

5A Application of Act to corporate collective investment vehicles

(1) For this Act, each sub-fund of a CCIV is taken to be a unit trust scheme of which--

(a) the CCIV is the trustee, and

(b) the business, assets and liabilities of the sub-fund are the trust property, and

(c) the members of the sub-fund are the beneficiaries.

(2) For a sub-fund that is taken to be a unit trust scheme--

(a) a share in the CCIV that is referable to the sub-fund is taken to be a unit in the unit trust scheme, and

(b) a shareholder of the share, as a member of the sub-fund, is taken to be a registered unit holder of the unit in the unit trust scheme, and

(c) the rights, entitlements, obligations and other characteristics attaching to the share are taken, as far as practicable, to be the same rights, entitlements, obligations and other characteristics attaching to the unit, and

(d) a winding up of the sub-fund is taken to be a winding up of the unit trust scheme, and

(e) a person who has an entitlement to a distribution of property in the event of the distribution of all the property of the sub-fund is taken to have the same entitlement to a distribution of property in the event of the distribution of all the property of the unit trust scheme.

(3) For this Act, a CCIV is taken to be a separate person in relation to each unit trust scheme of which it is the trustee under subsection (1).

(4) This Act does not apply to a CCIV or the members of a sub-fund of a CCIV except as provided for by this section.