A responsible entity of a managed investment scheme under Chapter 5C of the Corporations Act 2001 (Cth) is not a party to contracts entered into by a custodian appointed under s 601FB(2) and cannot sue on those contracts in its own name merely by virtue of ss 601FB, 601FC, or the scheme constitution. The custodian (or other holder of the legal title to the chose in action) is the proper plaintiff. The question of whether the custodian holds contractual choses in action on trust for the responsible entity or directly for scheme members was left open.
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