Court power to disqualify for insolvency and non‑payment of debts
42 Court power to disqualify for insolvency and non‑payment of debts
Section 279‑20 of the new Act applies as if:
the references in paragraph (1)(b), and subsection (4), of that section to an Aboriginal and Torres Strait Islander corporation included references to a corporation incorporated under Part IV of the old Act; and
the reference in paragraph (2)(a) of that section to wound up under section 526‑1 of that Act because the Court is satisfied that the corporation is insolvent included a reference to wound up under section 63 of the old Act because the Court is satisfied that the corporation is unable to pay its debts; and
the reference in paragraph (2)(h) of that section to subsection 533(1) of the Corporations Act included a reference to that subsection of the Corporations Act as applied by section 67 of the old Act.
Subitem (3) applies for the purposes of the extended application of section 279‑20 of the new Act because of subitem (1).
In working out who is an officer of a corporation incorporated under Part IV of the old Act, apply the definition of officer in section 683‑1 of the new Act as if:
references in that definition to an Aboriginal and Torres Strait Islander corporation were references to a corporation incorporated under Part IV of the old Act; and
the transitional modifications were made to that definition.
For transitional modifications, see subitem 1(2).
This Act’s bill:Explanatory memorandumSecond reading speech
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