Victorian Current Acts Victorian Current Acts(1) For the purposes of 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.
Example
A CCIV has 2 sub-funds: sub-fund A and sub-fund B. The assets of sub-fund B include land with an unencumbered value of $5 million. Each sub-fund is taken to be a separate unit trust scheme. In the case of sub-fund B—
• the CCIV is the trustee; and
• the land is the trust property; and
• the members of the sub-fund are the beneficiaries of the unit trust scheme.
(2) For a sub-fund that is taken to be a unit trust scheme under subsection (1)—
(a) a share in the CCIV that is referable to that sub-fund is taken to be a unit in the unit trust scheme; and
(b) a shareholder of that share , as a member of that sub-fund, is taken to be a registered unitholder of the unit in the unit trust scheme; and
(c) any rights, entitlements, obligations and other characteristics attaching to that 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, whether directly or through another person, to a distribution of property on the winding up of the sub-fund is taken to have the same entitlement to a distribution of property on the winding up of the unit trust scheme.
Examples
1 A CCIV has one sub-fund: sub-fund C. The shares that are referable to sub-fund C entitle the shareholders to a distribution of property on the winding up of the sub‑fund. Sub-fund C is taken to be a unit trust scheme for which—
• a share that is referable to the sub-fund is taken to be a unit in the unit trust scheme; and
• a shareholder of that share is taken to be a unitholder of the unit in the unit trust scheme; and
• the entitlement of that shareholder to a distribution of property on the winding up of the sub-fund is taken to be the entitlement of a unitholder to a distribution of property on the winding up of the unit trust scheme.
2 A CCIV has 2 sub-funds: sub-fund D and sub‑fund E. The assets of sub-fund E include land with an unencumbered value of $10 million. Each sub-fund is taken to be a separate unit trust scheme. The unit trust scheme that is sub-fund E is a landholder for the purposes of Part 2 of Chapter 3. The CCIV, in respect of sub-fund D, then acquires 100% of the shares referable to sub-fund E. That acquisition is a relevant acquisition within the meaning given by section 78. In accordance with section 75, the unit trust scheme that is sub-fund E is then a linked entity of the unit trust scheme that is sub‑fund D.
(3) For the purposes of 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 in this section.