Grounds for special administration
71 Grounds for special administration
Section 487‑5 of the new Act applies in relation to a transitional corporation as if:
the reference in subparagraph (1)(b)(i) of that section to the new Act included a reference to this Schedule; and
the reference in subparagraph (1)(b)(ii) of that section to an internal governance rule of the corporation included a reference to the corporation's Rules; and
the reference in subparagraph (1)(b)(iii) of that section to section 439‑20 of the new Act included a reference to section 60A of the old Act; and
the reference in paragraph (1)(c) of that section to Part 7‑3 of the new Act included a reference to:
subsections 59(2) to (9) of the old Act; and
Division 10 or 11 of this Part.
The operation of section 487‑5 of the new Act is also extended by item 6. That item, for example, treats the reference in paragraph 487‑5(1)(b) of the new Act to a failure to comply with a provision of the new Act as including a reference to a failure to comply with a provision of old Act (see item 6 and paragraph (2)(f) of item 1).
Division 15-Winding up
This Act’s bill:Explanatory memorandumSecond reading speech
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