489EB

Deemed resolution that company be wound up voluntarily

In force

If ASIC orders under section 489EA that a company be wound up:

(a)

the company is taken to have passed a special resolution under section 491 that the company be wound up voluntarily; and

(b)

the company is taken to have passed the special resolution:

(i)

at the time when ASIC made the order under section 489EA; and

(ii)

without a declaration having been made and lodged under section 494; and

(c)

section 496 has effect as if:

(i)

a declaration had been made under section 494; and

(ii)

the reference in subsection 496(1) to the period stated in the declaration were a reference to the 12‑month period beginning when ASIC made the order under section 489EA; and

(d)

section 497 is taken to have been complied with in relation to the winding up.

This Act’s bill:Explanatory memorandum Second reading speech

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