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CORPORATIONS ACT 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.2 - THE RESPONSIBLE ENTITY  

Division 3 - Consequences of change of responsible entity  

SECTION 601FS  RIGHTS, OBLIGATIONS AND LIABILITIES OF FORMER RESPONSIBLE ENTITY  

601FS(1)  [Transfer of rights, etc]  


If the responsible entity of a registered scheme changes, the rights, obligations and liabilities of the former responsible entity in relation to the scheme become rights, obligations and liabilities of the new responsible entity.

601FS(2)  [Certain rights and liabilities remain]  


Despite subsection (1), the following rights and liabilities remain rights and liabilities of the former responsible entity:


(a) any right of the former responsible entity to be paid fees for the performance of its functions before it ceased to be the responsible entity; and


(b) any right of the former responsible entity to be indemnified for expenses it incurred before it ceased to be the responsible entity; and


(c) any right, obligation or liability that the former responsible entity had as a member of the scheme; and


(d) any liability for which the former responsible entity could not have been indemnified out of the scheme property if it had remained the scheme's responsible entity.

 



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