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CORPORATIONS ACT 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.5 - THE COMPLIANCE COMMITTEE  

SECTION 601JD  DUTIES OF MEMBERS  

601JD(1)  [Members' duties]  


A member of a scheme's compliance committee must:


(a) act honestly; and


(b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and


(c) not make use of information acquired through being a member of the committee in order to:


(i) gain an improper advantage for the member or another person; or

(ii) cause detriment to the members of the scheme; and


(d) not make improper use of their position as a member of the committee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

601JD(2)  [Assistance]  


A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection 601FF(1).

601JD(3)  [Contravention]  

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A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved.

Note 2: Subsection (3) is a civil penalty provision (see section 1317E).

601JD(4)  [Intentional or reckless contravention, etc]  

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A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).

601JD(5)-(6)  

(Repealed by No 117 of 2001, s 3, Sch 1[189-190] (effective 18 September 2001).)

 



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