Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 282

             (1)  Except as provided by this section, any priority accorded by this Part to a charge over another charge does not extend to any liability that, at the priority time in relation to the first‑mentioned charge, is not a present liability.

             (2)  Where a registered charge on property of a company secures:

                     (a)  a present liability and a prospective liability of an unspecified amount; or

                     (b)  a prospective liability of an unspecified amount;

any priority accorded by this Part to the charge over another charge of which the chargee in relation to the first‑mentioned charge does not have actual knowledge extends to the prospective liability, whether the prospective liability became a present liability before or after the registration of the first‑mentioned charge.

             (3)  Where a registered charge on property of a company secures:

                     (a)  a present liability and a prospective liability up to a specified maximum amount; or

                     (b)  a prospective liability up to a specified maximum amount;

and the notice lodged under section 263 or 264 in relation to the charge sets out the nature of the prospective liability and the amount so specified, then any priority accorded by this Part to the charge over another charge extends to any prospective liability secured by the first‑mentioned charge to the extent of the maximum amount so specified, whether the prospective liability became a present liability before or after the registration of the first‑mentioned charge and notwithstanding that the chargee in relation to the first‑mentioned charge had actual knowledge of the other charge at the time when the prospective liability became a present liability.

             (4)  Where:

                     (a)  a registered charge on property of a company secures:

                              (i)  a present liability and a prospective liability up to a specified maximum amount; or

                             (ii)  a prospective liability up to a specified maximum amount;

                            but the notice lodged under section 263 or 264 in relation to the charge does not set out the nature of the prospective liability or the maximum amount so specified; or

                     (b)  a registered charge on property of a company secures a prospective liability of an unspecified amount;

the following paragraphs have effect:

                     (c)  any priority accorded by this Part to the charge over another charge of which the chargee in relation to the first‑mentioned charge has actual knowledge extends to any prospective liability secured by the first‑mentioned charge that had become a present liability at the time when the chargee in relation to the first‑mentioned charge first obtained actual knowledge of the other charge;

                     (d)  any priority accorded by this Part to the charge over another charge of which the chargee in relation to the first‑mentioned charge has actual knowledge extends to any prospective liability secured by the first‑mentioned charge that became a present liability, as the result of the making of an advance, after the time when the chargee in relation to the first‑mentioned charge first obtained actual knowledge of the other charge if, at that time, the terms of the first‑mentioned charge required the chargee in relation to that charge to make the advance after that time, and so extends to that prospective liability whether the advance was made before or after the registration of the first‑mentioned charge and notwithstanding that the chargee in relation to the first‑mentioned charge had actual knowledge of the other charge at the time when the advance was made.

Contents

Chapter 2L--Debentures                                                                                                    1

Part 2L.1--Requirement for trust deed and trustee                                            1

283AA.. Requirement for trust deed and trustee .............................................. 1

283AB.. Trust deed ........................................................................................... 2

283AC.. Who can be a trustee ........................................................................... 2

283AD.. Existing trustee continues to act until new trustee takes office .......... 3

283AE... Replacement of trustee ....................................................................... 3

Part 2L.2--Duties of borrower                                                                                         5

283BA.. Duties of borrower ............................................................................. 5

283BB... General duties ..................................................................................... 5

283BC... Duty to notify ASIC of name of trustee ............................................ 5

283BD.. Duty to replace trustee ....................................................................... 6

283BE... Duty to inform trustee about charges ................................................. 6

283BF... Duty to give trustee and ASIC quarterly reports ............................... 6

283BG.. Exceptions .......................................................................................... 9

283BH.. How debentures may be described ..................................................... 9

283BI.... Offences for failure to comply with statutory duties ...................... 10

Part 2L.3--Duties of guarantor                                                                                     11

283CA.. Duties of guarantor ........................................................................... 11

283CB... General duties ................................................................................... 11

283CC... Duty to inform trustee about charges ............................................... 11

283CD.. Exceptions ........................................................................................ 12

283CE... Offences for failure to comply with statutory duties ...................... 12

Part 2L.4--Trustee                                                                                                               13

283DA.. Trustee's duties ................................................................................ 13

283DB.. Exemptions and indemnifications of trustee from liability ............... 14

283DC.. Indemnity ......................................................................................... 15

Part 2L.5--Meetings of debenture holders                                                            16

283EA... Borrower's duty to call meeting ....................................................... 16

283EB... Trustee's power to call meeting ....................................................... 17

283EC... Court may order meeting .................................................................. 17

Part 2L.6--Civil liability                                                                                                     19

283F...... Civil liability for contravening this Chapter ..................................... 19

Part 2L.7--ASIC powers                                                                                                   20

283GA.. ASIC's power to exempt and modify .............................................. 20

283GB.. ASIC may approve body corporate to be trustee ............................ 21

Part 2L.8--Court                                                                                                                    22

283HA.. General Court power to give directions and determine questions .... 22

283HB.. Specific Court powers ...................................................................... 22

Part 2L.9--Location of other debenture provisions                                           24

283I....... Signpost to other debenture provisions ............................................ 24

Chapter 2M--Financial reports and audit                                                               25

Part 2M.1--Overview                                                                                                         25

285........ Overview of obligations under this Chapter ..................................... 25

Part 2M.2--Financial records                                                                                         28

286........ Obligation to keep financial records ................................................. 28

287........ Language requirements ...................................................................... 28

288........ Physical format ................................................................................. 29

289........ Place where records are kept ............................................................ 29

290........ Director access .................................................................................. 30

291........ Signposts to other relevant provisions ............................................. 30

Part 2M.3--Financial reporting                                                                                     32

Division 1--Annual financial reports and directors' reports                  32

292........ Who has to prepare annual financial reports and directors' reports 32

293........ Small proprietary company--shareholder direction ........................ 32

294........ Small proprietary company--ASIC direction .................................. 33

295........ Contents of annual financial report .................................................. 33

295A..... Declaration in relation to listed entity's financial statements by chief executive officer and chief financial officer .......................................................................................................... 35

296........ Compliance with accounting standards and regulations ................... 36

297........ True and fair view ............................................................................. 37

298........ Annual directors' report ................................................................... 37

299........ Annual directors' report--general information ................................ 38

299A..... Annual directors' report--additional general requirements for listed public companies          39

300........ Annual directors' report--specific information ............................... 40

300A..... Annual directors' report--specific information to be provided by listed companies              46

301........ Audit of annual financial report ........................................................ 50

Division 2--Half‑year financial report and directors' report                  51

302........ Disclosing entity must prepare half‑year financial report and directors' report      51

303........ Contents of half‑year financial report .............................................. 51

304........ Compliance with accounting standards and regulations ................... 52

305........ True and fair view ............................................................................. 52

306........ Half‑year directors' report ............................................................... 53

Division 3--Audit and auditor's report                                                              54

307........ Audit ................................................................................................. 54

307A..... Audit to be conducted in accordance with auditing standards .......... 54

307B..... Audit working papers to be retained for 7 years .............................. 55

307C..... Auditor's independence declaration ................................................. 57

308........ Auditor's report on annual financial report ...................................... 60

309........ Auditor's report on half‑year financial report .................................. 61

310........ Auditor's power to obtain information ............................................ 62

311........ Reporting to ASIC ............................................................................ 62

312........ Assisting auditor ............................................................................... 65

313........ Special provisions on audit of debenture issuers and guarantors ..... 66

Division 4--Annual financial reporting to members                                   67

314........ Annual financial reporting to members ............................................. 67

315........ Deadline for reporting to members ................................................... 69

316........ Member's choices for annual financial information .......................... 70

317........ Consideration of reports at AGM .................................................... 71

318........ Additional reporting by debenture issuers ....................................... 71

Division 5--Lodging reports with ASIC                                                           73

319........ Lodgment of annual reports with ASIC ........................................... 73

320........ Lodgment of half‑year reports with ASIC ....................................... 73

321........ ASIC power to require lodgment ...................................................... 73

322........ Relodgment if financial statements or directors' reports amended after lodgment   74

Division 6--Special provisions about consolidated financial statements               75

323........ Directors and officers of controlled entity to give information ........ 75

323A..... Auditor's power to obtain information from controlled entity ........ 75

323B..... Controlled entity to assist auditor .................................................... 75

323C..... Application of Division to entity that has ceased to be controlled .. 76

Division 7--Financial years and half‑years                                                       77

323D..... Financial years and half‑years .......................................................... 77

Division 8--Disclosure by listed companies of information filed overseas          79

323DA.. Listed companies to disclose information filed overseas .................. 79

Division 9--Reference of financial report to the Financial Reporting Panel       80

Subdivision A--Preliminary                                                                                    80

323EA... Financial reports to which Division applies ..................................... 80

323EB... Referral of financial report to Financial Reporting Panel ................. 80

Subdivision B--Referral by ASIC                                                                           81

323EC... ASIC may refer financial report to the Financial Reporting Panel ... 81

323ED... ASIC to notify lodging entity of proposed referral .......................... 81

323EE... Lodging entity to respond to ASIC notice ....................................... 81

323EF... Referral to Financial Reporting Panel ............................................... 82

Subdivision C--Referral by lodging entity                                                            83

323EG... Lodging entity may refer financial report to the Financial Reporting Panel with ASIC's consent          83

323EH... Lodging entity to apply to ASIC for consent to proposed referral . 84

323EI.... Referral to Financial Reporting Panel ............................................... 85

Subdivision D--Financial Reporting Panel dealing with reference                 85

323EJ.... Financial Reporting Panel to obtain submissions from ASIC and lodging entity     85

323EK... Financial Reporting Panel to consider and report on financial report referred to it under section 323EC or 323EG .......................................................................................................... 86

323EL... Power of Financial Reporting Panel to dismiss referral .................... 87

323EM.. Court, or tribunal of fact, may have regard to Financial Reporting Panel report      87

Part 2M.4--Appointment and removal of auditors                                             88

Division 1--Entities that may be appointed as an auditor for a company or registered scheme              88

324AA.. Individual auditors, audit firms and authorised audit companies ..... 88

324AB.. Effect of appointing firm as auditor--general .................................. 88

324AC.. Effect of appointing firm as auditor--reconstitution of firm ........... 89

324AD.. Effect of appointing company as auditor ......................................... 90

324AE... Professional members of the audit team ........................................... 91

324AF... Lead and review auditors .................................................................. 91

Division 2--Registration requirements                                                             92

324BA.. Registration requirements for appointment of individual as auditor 92

324BB... Registration requirements for appointment of firm as auditor ......... 92

324BC... Registration requirements for appointment of company as auditor . 94

324BD.. Exception from registration requirement for proprietary company . 95

Division 3--Auditor independence                                                                      97

Subdivision A--General requirement                                                                    97

324CA.. General requirement for auditor independence--auditors ................ 97

324CB... General requirement for auditor independence--member of audit firm .. 100

324CC... General requirement for auditor independence--director of audit company            103

324CD.. Conflict of interest situation ........................................................... 107

Subdivision B--Specific requirements                                                                108

324CE... Auditor independence--specific requirements for individual auditor 108

324CF... Auditor independence--specific requirements for audit firm ........ 113

324CG.. Auditor independence--specific requirements for audit company 119

324CH.. Relevant relationships .................................................................... 126

324CI.... Special rule for retiring partners of audit firms and retiring directors of authorised audit companies      132

324CJ.... Special rule for retiring professional member of audit company .... 133

324CK.. Multiple former audit firm partners or audit company directors ... 134

Subdivision C--Common provisions                                                                     134

324CL... People who are regarded as officers of a company for the purposes of this Division             134

Division 4--Deliberately disqualifying auditor                                             136

324CM. Deliberately disqualifying auditor .................................................. 136

Division 5--Auditor rotation for listed companies                                    138

324DA.. Limited term for eligibility to play significant role in audit of a listed company or listed registered scheme          138

324DB.. Individual's rotation obligation ....................................................... 139

324DC.. Audit firm's rotation obligation ...................................................... 139

324DD.. Audit company's rotation obligation ............................................. 140

Division 6--Appointment, removal and fees of auditors for companies                 143

Subdivision A--Appointment of company auditors                                            143

325........ Appointment of auditor by proprietary company ........................ 143

327A..... Public company auditor (initial appointment of auditor) ............... 143

327B..... Public company auditor (annual appointments at AGMs to fill vacancies)            143

327C..... Public company auditor (appointment to fill casual vacancy) ....... 145

327D..... Appointment to replace auditor removed from office .................... 145

327E...... ASIC may appoint public company auditor if auditor removed but not replaced   146

327F...... ASIC's general power to appoint public company auditor ........... 147

327G..... Restrictions on ASIC's powers to appoint public company auditor 147

327H..... Effect on appointment of public company auditor of company beginning to be controlled by a corporation        148

327I....... Remaining auditors may act during vacancy ................................... 148

328A..... Auditor's consent to appointment ................................................. 148

328B..... Nomination of auditor .................................................................... 149

Subdivision B--Removal and resignation of company auditors                       150

329........ Removal and resignation of auditors ............................................... 150

330........ Effect of winding up on office of auditor ....................................... 152

Subdivision C--Company auditors' fees and expenses                                     152

331........ Fees and expenses of auditors ........................................................ 152

Division 7--Appointment, removal and fees of auditors for registered schemes             153

Subdivision A--Appointment of registered scheme auditors                          153

331AAARegistered scheme auditor (initial appointment of auditor) ........... 153

331AABRegistered scheme auditor (appointment to fill vacancy) ............... 155

331AACASIC's power to appoint registered scheme auditor ...................... 155

331AADRemaining auditors may act during vacancy ................................... 155

Subdivision B--Removal and resignation of registered scheme auditors     155

331AC.. Removal and resignation of auditors ............................................... 155

331AD.. Effect of winding up on office of auditor ....................................... 157

Subdivision C--Fees and expenses of auditors                                                   157

331AE... Fees and expenses of auditors ........................................................ 157

Part 2M.5--Accounting and auditing standards                                                 158

334........ Accounting standards ..................................................................... 158

335........ Equity accounting ........................................................................... 158

336........ Auditing standards .......................................................................... 158

337........ Interpretation of accounting and auditing standards ....................... 159

338........ Evidence of text of accounting standard or auditing standard ......... 159

Part 2M.6--Exemptions and modifications                                                           160

340........ Exemption orders--companies, registered schemes and disclosing entities             160

341........ Exemption orders--class orders for companies, registered schemes and disclosing entities    160

342........ Exemption orders--criteria for orders for companies, registered schemes and disclosing entities           161

342AA.. Exemption orders--non‑auditor members and former members of audit firms; former employees of audit companies ........................................................................................................ 162

342AB.. Exemption orders--class orders for non‑auditor members etc. ...... 163

342AC.. Exemption orders--criteria for orders for non‑auditor members etc. 163

342A..... ASIC's power to modify the operation of section 324DA ............ 163

342B..... Auditor to notify company or registered scheme of section 342A declaration        165

343........ Modification by regulations ........................................................... 165

Part 2M.7--Sanctions for contraventions of Chapter                                     166

344........ Contravention of Part 2M.2 or 2M.3 ............................................. 166

Chapter 2N--Updating ASIC information about companies and registered schemes         167

Part 2N.1--Review date                                                                                                  167

345A..... Review date .................................................................................... 167

345B..... Company or responsible entity may change review date ............... 168

345C..... When choice has effect ................................................................... 168

Part 2N.2--Extract of particulars                                                                               169

346A..... ASIC must give an extract of particulars each year ........................ 169

346B..... ASIC may ask questions ................................................................ 169

346C..... Requirements in relation to an extract of particulars ...................... 169

Part 2N.3--Solvency resolution                                                                                   171

347A..... Directors must pass a solvency resolution after each review date . 171

347B..... Notice to ASIC ............................................................................... 171

347C..... Payment of review fee is taken to be a representation by the directors that the company is solvent     172

Part 2N.4--Return of particulars                                                                                173

348A..... ASIC may give a return of particulars ............................................ 173

348B..... ASIC may ask questions ................................................................ 173

348C..... ASIC may require a solvency resolution and statement ................. 173

348D..... General requirements in relation to a return of particulars ............. 174

Part 2N.5--Notice by proprietary companies of changes to ultimate holding company      176

349A..... Proprietary companies must notify ASIC of changes to ultimate holding company               176

349B..... Another company becomes an ultimate holding company ............. 176

349C..... A company ceases to be an ultimate holding company .................. 176

349D..... Ultimate holding company changes its name .................................. 177

Chapter 2P--Lodgments with ASIC                                                                          178

350........ Forms for documents to be lodged with ASIC ............................... 178

351........ Signing documents lodged with ASIC ............................................. 179

352........ Documents lodged with ASIC electronically .................................. 179

353........ Electronic lodgment of certain documents ...................................... 179

354........ Telephone notice of certain changes ............................................... 180

Chapter 5--External administration                                                                         181

Part 5.1--Arrangements and reconstructions                                                      181

410........ Interpretation .................................................................................. 181

411........ Administration of compromises etc. .............................................. 181

412........ Information as to compromise with creditors ................................ 188

413........ Provisions for facilitating reconstruction and amalgamation of Part 5.1 bodies       190

414........ Acquisition of shares of shareholders dissenting from scheme or contract approved by majority          191

415........ Notification of appointment of scheme manager and power of Court to require report          195

Part 5.2--Receivers, and other controllers, of property of corporations 196

416........ Definitions ...................................................................................... 196

417........ Application of Part ......................................................................... 196

418........ Persons not to act as receivers ........................................................ 197

418A..... Court may declare whether controller is validly acting .................. 197

419........ Liability of controller ...................................................................... 198

419A..... Liability of controller under pre‑existing agreement about property used by corporation      199

420........ Powers of receiver .......................................................................... 200

420A..... Controller's duty of care in exercising power of sale ..................... 202

420B..... Court may authorise managing controller to dispose of property despite prior charge           202

420C..... Receiver's power to carry on corporation's business during winding up                204

421........ Managing controller's duties in relation to bank accounts and financial records      204

421A..... Managing controller to report within 2 months about corporation's affairs            205

422........ Reports by receiver or managing controller .................................... 206

423........ Supervision of controller ................................................................ 207

424........ Controller may apply to Court ...................................................... 208

425........ Court's power to fix receiver's remuneration ................................. 209

426........ Controller has qualified privilege in certain cases ........................... 211

427........ Notification of matters relating to controller .................................. 211

428........ Statement that receiver appointed or other controller acting .......... 212

429........ Officers to report to controller about corporation's affairs ........... 212

430........ Controller may require reports ....................................................... 214

431........ Controller may inspect books ........................................................ 215

432........ Lodging controller's accounts ......................................................... 215

433........ Payment of certain debts, out of property subject to floating charge, in priority to claims under charge               217

434........ Enforcing controller's duty to make returns ................................... 219

434A..... Court may remove controller for misconduct ................................. 219

434B..... Court may remove redundant controller ......................................... 220

434C..... Effect of sections 434A and 434B .................................................. 221

434D..... Appointment of 2 or more receivers of property of a corporation 221

434E...... Appointment of 2 or more receivers and managers of property of a corporation    221

434F...... Appointment of 2 or more controllers of property of a corporation 222

434G..... Appointment of 2 or more managing controllers of property of a corporation       222

Part 5.3A--Administration of a company's affairs with a view to executing a deed of company arrangement                                                                                                                                     223

Division 1--Preliminary                                                                                           223

435A..... Object of Part ................................................................................. 223

435B..... Definitions ...................................................................................... 223

435C..... When administration begins and ends ............................................. 223

Division 2--Appointment of administrator and first meeting of creditors            225

436A..... Company may appoint administrator if board thinks it is or will become insolvent               225

436B..... Liquidator may appoint administrator ........................................... 225

436C..... Chargee may appoint administrator ............................................... 226

436D..... Company already under administration ......................................... 226

436DA.. Declarations by administrator--indemnities and relevant relationships 226

436E...... Purpose and timing of first meeting of creditors ............................ 228

436F...... Functions of committee of creditors ............................................... 229

436G..... Membership of committee ............................................................. 229

Division 3--Administrator assumes control of company's affairs     230

437A..... Role of administrator ...................................................................... 230

437B..... Administrator acts as company's agent ......................................... 230

437C..... Powers of other officers suspended ............................................... 230

437D..... Only administrator can deal with company's property ................. 231

437E...... Order for compensation where officer involved in void transaction 232

437F...... Effect of administration on company's members ........................... 232

Division 4--Administrator investigates company's affairs                    236

438A..... Administrator to investigate affairs and consider possible courses of action           236

438B..... Directors to help administrator ...................................................... 236

438C..... Administrator's rights to company's books .................................. 237

438D..... Reports by administrator ............................................................... 238

438E...... Administrator's accounts ............................................................... 239

Division 5--Meeting of creditors decides company's future               241

439A..... Administrator to convene meeting and inform creditors ................ 241

439B..... Conduct of meeting ......................................................................... 243

439C..... What creditors may decide ............................................................. 243

Division 6--Protection of company's property during administration 244

440A..... Winding up company ..................................................................... 244

440B..... Charge unenforceable ...................................................................... 244

440BA.. Liens and pledges ............................................................................ 244

440BB... Distress for rent must not be carried out ........................................ 245

440C..... Owner or lessor cannot recover property used by company ......... 245

440D..... Stay of proceedings ........................................................................ 245

440E...... Administrator not liable in damages for refusing consent ............... 245

440F...... Suspension of enforcement process ............................................... 246

440G..... Duties of court officer in relation to property of company ........... 246

440H..... Lis pendens taken to exist .............................................................. 247

440J...... Administration not to trigger liability of director or relative under guarantee of company's liability      247

440JA... Property subject to a banker's lien--exemption from this Division 248

Division 7--Rights of chargee, lienee, pledgee, owner or lessor     250

441A..... Where chargee acts before or during decision period ...................... 250

441B..... Where enforcement of charge begins before administration ............ 251

441C..... Charge on perishable property ....................................................... 251

441D..... Court may limit powers of chargee etc. in relation to charged property 252

441E...... Giving a notice under a charge ........................................................ 253

441F...... Where recovery of property begins before administration ............. 253

441G..... Recovering perishable property ..................................................... 253

441H..... Court may limit powers of receiver etc. in relation to property used by company                 254

441J...... Giving a notice under an agreement about property ....................... 254

441JA... Sale of property subject to a lien or pledge .................................... 254

441K..... Effect of Division ........................................................................... 255

Division 8--Powers of administrator                                                                 256

442A..... Additional powers of administrator ............................................... 256

442B..... Dealing with property subject to a floating charge that has crystallised 256

442C..... When administrator may dispose of encumbered property ........... 256

442CA.. Property subject to a lien or pledge--inspection or examination by potential purchasers etc.               258

442CB... Property subject to a lien or pledge or to a retention of title clause--administrator's duty of care in exercising power of sale .................................................................................................. 258

442CC... Proceeds of sale of property .......................................................... 259

442D..... Administrator's powers subject to powers of chargee, receiver etc. 261

442E...... Administrator has qualified privilege .............................................. 261

442F...... Protection of persons dealing with administrator ........................... 261

Division 9--Administrator's liability and indemnity for debts of administration               263

Subdivision A--Liability                                                                                         263

443A..... General debts .................................................................................. 263

443B..... Payments for property used or occupied by, or in the possession of, the company              263

443BA.. Certain taxation liabilities ............................................................... 265

443C..... Administrator not otherwise liable for company's debts ............... 265

Subdivision B--Indemnity                                                                                      265

443D..... Right of indemnity .......................................................................... 265

443E...... Right of indemnity has priority over other debts ........................... 266

443F...... Lien to secure indemnity ................................................................ 267

Division 10--Execution and effect of deed of company arrangement 269

444A..... Effect of creditors' resolution ......................................................... 269

444B..... Execution of deed ............................................................................ 270

444C..... Creditor etc. not to act inconsistently with deed before its execution 270

444D..... Effect of deed on creditors .............................................................. 271

444DA.. Giving priority to eligible employee creditors ................................ 271

444DB.. Superannuation contribution debts not admissible to proof .......... 273

444E...... Protection of company's property from persons bound by deed . 274

444F...... Court may limit rights of secured creditor or owner or lessor ........ 274

444G..... Effect of deed on company, officers and members ......................... 275

444GA.. Transfer of shares ........................................................................... 276

444H..... Extent of release of company's debts ............................................. 276

444J...... Guarantees and indemnities ............................................................ 276

Division 11--Variation, termination and avoidance of deed                 277

445A..... Variation of deed by creditors ........................................................ 277

445B..... Court may cancel variation ............................................................. 277

445C..... When deed terminates ..................................................................... 277

445CA.. When creditors may terminate deed ............................................... 278

445D..... When Court may terminate deed .................................................... 278

445E...... Creditors may terminate deed and resolve that company be wound up   279

445F...... Meeting of creditors to consider proposed variation or termination of deed           279

445FA... Notice of termination of deed ......................................................... 280

445G..... When Court may void or validate deed .......................................... 280

445H..... Effect of termination or avoidance .................................................. 281

Division 11A--Deed administrator's accounts                                            282

445J...... Deed administrator's accounts ....................................................... 282

Division 12--Transition to creditors' voluntary winding up                 284

446A..... Administrator becomes liquidator in certain cases ......................... 284

446B..... Regulations may provide for transition in other cases ................... 285

446C..... Liquidator may require submission of a report about the company's affairs           286

Division 13--Powers of Court                                                                              288

447A..... General power to make orders ........................................................ 288

447B..... Orders to protect creditors during administration .......................... 288

447C..... Court may declare whether administrator validly appointed ......... 289

447D..... Administrator may seek directions ................................................. 289

447E...... Supervision of administrator of company or deed ......................... 289

447F...... Effect of Division ........................................................................... 290

Division 14--Qualifications of administrators                                              291

448A..... Appointee must consent ................................................................ 291

448B..... Administrator must be registered liquidator ................................... 291

448C..... Disqualification of person connected with company ..................... 291

448D..... Disqualification of insolvent under administration ......................... 293

Division 15--Removal, replacement and remuneration of administrator              294

449A..... Appointment of administrator cannot be revoked ......................... 294

449B..... Court may remove administrator .................................................... 294

449C..... Vacancy in office of administrator of company ............................. 294

449CA.. Declarations by administrator--indemnities and relevant relationships 296

449D..... Vacancy in office of administrator of deed of company arrangement 297

449E...... Remuneration of administrator ....................................................... 298

Division 16--Notices about steps taken under Part                                 302

450A..... Appointment of administrator ....................................................... 302

450B..... Execution of deed of company arrangement ................................... 303

450C..... Failure to execute deed of company arrangement ........................... 303

450D..... Termination of deed of company arrangement ............................... 303

450E...... Notice in public documents etc. of company ................................. 303

450F...... Effect of contravention of this Division ......................................... 304

Division 17--Miscellaneous                                                                                  305

451A..... Appointment of 2 or more administrators of company ................. 305

451B..... Appointment of 2 or more administrators of deed of company arrangement          305

451C..... Effect of things done during administration of company ............... 306

451D..... Time for doing act does not run while act prevented by this Part . 306

Part 5.4--Winding up in insolvency                                                                           307

Division 1--When company to be wound up in insolvency                   307

459A..... Order that insolvent company be wound up in insolvency ........... 307

459B..... Order made on application under section 234, 462 or 464 ............. 307

459C..... Presumptions to be made in certain proceedings ............................ 307

459D..... Contingent or prospective liability relevant to whether company solvent              308

Division 2--Statutory demand                                                                              309

459E...... Creditor may serve statutory demand on company ....................... 309

459F...... When company taken to fail to comply with statutory demand ... 310

Division 3--Application to set aside statutory demand                          311

459G..... Company may apply ..................................................................... 311

459H..... Determination of application where there is a dispute or offsetting claim               311

459J...... Setting aside demand on other grounds ........................................... 313

459K..... Effect of order setting aside demand ............................................... 313

459L...... Dismissal of application ................................................................. 313

459M.... Order subject to conditions ............................................................ 313

459N..... Costs where company successful ................................................... 313

Division 4--Application for order to wind up company in insolvency 314

459P...... Who may apply for order under section 459A .............................. 314

459Q..... Application relying on failure to comply with statutory demand . 314

459R..... Period within which application must be determined .................... 315

459S...... Company may not oppose application on certain grounds ........... 315

459T..... Application to wind up joint debtors in insolvency ...................... 316

Part 5.4A--Winding up by the Court on other grounds                                  317

461........ General grounds on which company may be wound up by Court . 317

462........ Standing to apply for winding up ................................................... 318

464........ Application for winding up in connection with investigation under ASIC Act       319

Part 5.4B--Winding up in insolvency or by the Court                                    320

Division 1--General                                                                                                   320

465A..... Notice of application ...................................................................... 320

465B..... Substitution of applicants .............................................................. 320

465C..... Applicant to be given notice of grounds for opposing application 321

466........ Payment of preliminary costs etc. .................................................. 321

467........ Court's powers on hearing application .......................................... 321

467A..... Effect of defect or irregularity on application under Part 5.4 or 5.4A 323

467B..... Court may order winding up of company that is being wound up voluntarily        323

468........ Avoidance of dispositions of property, attachments etc. .............. 323

468A..... Effect of winding up on company's members ................................ 324

469........ Application to be lis pendens ......................................................... 327

470........ Certain notices to be lodged ............................................................ 327

Division 1A--Effect of winding up order                                                         329

471........ Effect on creditors and contributories ............................................ 329

471A..... Powers of other officers suspended during winding up ................. 329

471B..... Stay of proceedings and suspension of enforcement process ........ 330

471C..... Secured creditor's rights not affected ............................................. 330

Division 2--Court‑appointed liquidators                                                        331

472........ Court to appoint official liquidator ................................................ 331

473........ General provisions about liquidators .............................................. 331

474........ Custody and vesting of company's property ................................ 335

475........ Report as to company's affairs to be submitted to liquidator ....... 335

476........ Preliminary report by liquidator ..................................................... 337

477........ Powers of liquidator ....................................................................... 337

478........ Application of property; list of contributories .............................. 340

479........ Exercise and control of liquidator's powers ................................... 341

480........ Release of liquidator and deregistration of company ...................... 341

481........ Orders for release or deregistration ................................................. 342

Division 3--General powers of Court                                                               344

Subdivision A--General powers                                                                            344

482........ Power to stay or terminate winding up .......................................... 344

483........ Delivery of property to liquidator ................................................. 345

484........ Appointment of special manager .................................................... 347

485........ Claims of creditors and distribution of property ........................... 347

486........ Inspection of books by creditors and contributories ...................... 347

486A..... Court may make order to prevent officer or related entity from avoiding liability to company              348

486B..... Warrant to arrest person who is absconding, or who has dealt with property or books, in order to avoid obligations in connection with winding up ........................................................... 350

487........ Power to arrest absconding contributory ....................................... 350

488........ Delegation to liquidator of certain powers of Court ....................... 351

489........ Powers of Court cumulative ........................................................... 351

Subdivision B--Procedures relating to section 486B warrants                     351

489A..... Arrest of person subject to warrant ............................................... 351

489B..... Procedure after arrest ...................................................................... 352

489C..... Procedure on remand on bail ........................................................... 352

489D..... Court's power to make orders under section 486A, 598 or 1323 .. 353

489E...... Jurisdiction under this Subdivision ................................................. 353

Part 5.5--Voluntary winding up                                                                                   354

Division 1--Resolution for winding up                                                             354

490........ When company cannot wind up voluntarily .................................. 354

491........ Circumstances in which company may be wound up voluntarily . 354

493........ Effect of voluntary winding up ...................................................... 354

493A..... Effect of voluntary winding up on company's members ............... 354

494........ Declaration of solvency .................................................................. 357

Division 2--Members' voluntary winding up                                               359

495........ Liquidators ...................................................................................... 359

496........ Duty of liquidator where company turns out to be insolvent ........ 360

Division 3--Creditors' voluntary winding up                                               362

497........ Meeting of creditors ....................................................................... 362

498........ Power to adjourn meeting ............................................................... 363

499........ Liquidators ...................................................................................... 364

500........ Execution and civil proceedings ...................................................... 367

Division 4--Voluntary winding up generally                                                 368

501........ Distribution of property of company ............................................ 368

502........ Appointment of liquidator ............................................................. 368

503........ Removal of liquidator ..................................................................... 368

504........ Review of liquidator's remuneration .............................................. 368

505........ Acts of liquidator valid etc. ............................................................ 369

506........ Powers and duties of liquidator ...................................................... 370

506A..... Declarations by liquidator--relevant relationships ........................ 371

507........ Power of liquidator to accept shares etc. as consideration for sale of property of company 372

508........ Annual obligations of liquidator--meeting or report ...................... 374

509........ Final meeting and deregistration ..................................................... 375

510........ Arrangement: when binding on creditors ........................................ 376

511........ Application to Court to have questions determined or powers exercised                377

Part 5.6--Winding up generally                                                                                   378

Division 1--Preliminary                                                                                           378

513........ Application of Part ......................................................................... 378

Division 1A--When winding up taken to begin                                           379

513A..... Winding up ordered by the Court ................................................... 379

513B..... Voluntary winding up ..................................................................... 379

513C..... Section 513C day in relation to an administration under Part 5.3A 380

513D..... Validity of proceedings in earlier winding up ................................. 380

Division 2--Contributories                                                                                    381

514........ Where Division applies .................................................................. 381

515........ General liability of contributory ..................................................... 381

516........ Company limited by shares ............................................................ 381

517........ Company limited by guarantee ....................................................... 381

518........ Company limited both by shares and by guarantee ....................... 381

519........ Exceptions for former unlimited company ..................................... 382

520........ Past member: later debts ................................................................. 382

521........ Person ceasing to be a member a year or more before winding up . 382

522........ Present members to contribute first ............................................... 382

523........ Past member of former unlimited company ................................... 382

524........ Past member of former limited company ....................................... 383

526........ Liability on certain contracts .......................................................... 383

527........ Nature of contributory's liability ................................................... 383

528........ Death of contributory ..................................................................... 383

529........ Bankruptcy of contributory ........................................................... 383

Division 3--Liquidators                                                                                           385

530........ Appointment of 2 or more liquidators of a company .................... 385

530AA.. Appointment of 2 or more provisional liquidators of a company . 385

530A..... Officers to help liquidator .............................................................. 385

530B..... Liquidator's rights to company's books ........................................ 387

530C..... Warrant to search for, and seize, company's property or books ... 388

531........ Books to be kept by liquidator ....................................................... 388

532........ Disqualification of liquidator .......................................................... 389

533........ Reports by liquidator ..................................................................... 391

534........ Prosecution by liquidator of delinquent officers and members ...... 392

535........ When liquidator has qualified privilege ........................................... 392

536........ Supervision of liquidators ............................................................... 393

537........ Notice of appointment and address of liquidator ........................... 393

538........ Regulations relating to money etc. received by liquidator .............. 394

539........ Liquidator's accounts ..................................................................... 395

540........ Liquidator to remedy defaults ........................................................ 396

Division 4--General                                                                                                   398

541........ Notification that company is in liquidation .................................... 398

542........ Books of company ......................................................................... 398

543........ Investment of surplus funds on general account ............................ 399

544........ Unclaimed money to be paid to ASIC ............................................ 399

545........ Expenses of winding up where property insufficient .................... 400

546........ Resolutions passed at adjourned meetings of creditors and contributories              401

547........ Meetings to ascertain wishes of creditors or contributories ........... 401

Division 5--Committees of inspection                                                             402

548........ Convening of meetings by liquidator for appointment of committee of inspection--company not in pooled group ........................................................................................................ 402

548A..... Convening of meeting for appointment of committee of inspection--pooled group               403

549........ Proceedings of committee of inspection ......................................... 404

550........ Vacancies on committee of inspection ............................................ 405

551........ Member of committee not to accept extra benefit .......................... 406

552........ Powers of Court where no committee of inspection ...................... 406

Division 6--Proof and ranking of claims                                                         407

Subdivision A--Admission to proof of debts and claims                                   407

553........ Debts or claims that are provable in winding up ............................ 407

553A..... Member cannot prove debt unless contributions paid ................... 408

553AA.. Selling shareholder cannot prove debt unless documents given ...... 408

553AB.. Superannuation contribution debts not admissible to proof .......... 408

553B..... Insolvent companies--penalties and fines not generally provable . 409

553C..... Insolvent companies--mutual credit and set‑off ............................ 409

553D..... Debts or claims may be proved formally or informally ................. 410

553E...... Application of Bankruptcy Act to winding up of insolvent company 410

Subdivision B--Computation of debts and claims                                              411

554........ General rule--compute amount as at relevant date ........................ 411

554A..... Determination of value of debts and claims of uncertain value ...... 411

554B..... Discounting of debts payable after relevant date ........................... 412

554C..... Conversion into Australian currency of foreign currency debts or claims                412

Subdivision C--Special provisions relating to secured creditors of insolvent companies                 413

554D..... Application of Subdivision ............................................................. 413

554E...... Proof of debt by secured creditor ................................................... 413

554F...... Redemption of security by liquidator ............................................ 414

554G..... Amendment of valuation ................................................................ 415

554H..... Repayment of excess ...................................................................... 415

554J...... Subsequent realisation of security .................................................. 416

Subdivision D--Priorities                                                                                      416

555........ Debts and claims proved to rank equally except as otherwise provided 416

556........ Priority payments .......................................................................... 416

558........ Debts due to employees ................................................................. 423

559........ Debts of a class to rank equally ...................................................... 424

560........ Advances for company to make priority payments in relation to employees         424

561........ Priority of employees' claims over floating charges ....................... 424

562........ Application of proceeds of contracts of insurance ......................... 425

562A..... Application of proceeds of contracts of reinsurance ...................... 425

563........ Provisions relating to injury compensation .................................... 427

563AA.. Seller under a buy‑back agreement .................................................. 428

563A..... Member's debts to be postponed until other debts and claims satisfied                 428

563AAARedemption of debentures .............................................................. 428

Subdivision E--Miscellaneous                                                                               429

563B..... Interest on debts and claims from relevant date to date of payment 429

563C..... Debt subordination ......................................................................... 429

564........ Power of Court to make orders in favour of certain creditors ........ 430

Division 7--Effect on certain transactions                                                     431

565........ Undue preference ............................................................................ 431

566........ Effect of floating charge .................................................................. 431

567........ Liquidator's right to recover in respect of certain transactions ...... 431

Division 7A--Disclaimer of onerous property                                             434

568........ Disclaimer by liquidator; application to Court by party to contract 434

568A..... Liquidator must give notice of disclaimer ....................................... 435

568B..... Application to set aside disclaimer before it takes effect ............... 436

568C..... When disclaimer takes effect .......................................................... 437

568D..... Effect of disclaimer ......................................................................... 438

568E...... Application to set aside disclaimer after it has taken effect ........... 438

568F...... Court may dispose of disclaimed property .................................... 439

Division 7B--Effect on enforcement process against company's property          440

569........ Executions, attachments etc. before winding up ............................. 440

570........ Duties of sheriff after receiving notice of application .................... 441

Division 8--Pooling                                                                                                    444

Subdivision A--Pooling determinations                                                              444

571........ Pooling determination ..................................................................... 444

572........ Variation of pooling determination ................................................. 447

573........ Lodgment of copy of pooling determination etc. ........................... 447

574........ Eligible unsecured creditors must approve the making or variation of a pooling determination               447

575........ Members' voluntary winding up--copy of notice etc. to be given to each member of the company     449

576........ Conduct of meeting ......................................................................... 449

577........ Eligible unsecured creditors may decide to approve the determination or variation                 449

578........ When pooling determination comes into force etc. ......................... 450

579........ Duties of liquidator ......................................................................... 451

579A..... Court may vary or terminate pooling determination ...................... 452

579B..... Court may cancel or confirm variation ........................................... 453

579C..... When Court may void or validate pooling determination ............... 454

579D..... Effect of termination or avoidance .................................................. 455

Subdivision B--Pooling orders                                                                             455

579E...... Pooling orders ................................................................................. 455

579F...... Variation of pooling orders ............................................................. 458

579G..... Court may make ancillary orders etc. ............................................. 459

579H..... Variation of ancillary orders etc. ..................................................... 460

579J...... Notice of application for pooling order etc. ................................... 461

579K..... Notice of pooling order etc. ............................................................ 462

579L...... Consolidated meetings of creditors ................................................. 465

Subdivision C--Other provisions                                                                          466

579M.... When debts or claims are provable in winding up .......................... 466

579N..... Group of companies ....................................................................... 466

579P...... Secured debt may become unsecured .............................................. 467

579Q..... Eligible unsecured creditor .............................................................. 467

Division 9--Co‑operation between Australian and foreign courts in external administration matters                                                                                                                     468

580........ Definitions ...................................................................................... 468

581........ Courts to act in aid of each other .................................................... 468

Part 5.7--Winding up bodies other than companies                                         470

582........ Application of Part ......................................................................... 470

583........ Winding up Part 5.7 bodies ............................................................ 470

585........ Insolvency of Part 5.7 body ........................................................... 471

586........ Contributories in winding up of Part 5.7 body .............................. 472

587........ Power of Court to stay or restrain proceedings ............................. 472

588........ Outstanding property of defunct registrable body ......................... 473

Part 5.7B--Recovering property or compensation for the benefit of creditors of insolvent company        474

Division 1--Preliminary                                                                                           474

588D..... Secured debt may become unsecured .............................................. 474

588E...... Presumptions to be made in recovery proceedings ........................ 474

588F...... Certain taxation liabilities taken to be debts ................................... 476

Division 2--Voidable transactions                                                                      478

588FA... Unfair preferences .......................................................................... 478

588FB... Uncommercial transactions ............................................................. 479

588FC... Insolvent transactions ..................................................................... 479

588FD... Unfair loans to a company ............................................................. 480

588FDA Unreasonable director‑related transactions ..................................... 480

588FE... Voidable transactions ...................................................................... 481

588FF... Courts may make orders about voidable transactions .................... 484

588FG... Transaction not voidable as against certain persons ....................... 486

588FGA Directors to indemnify Commissioner of Taxation if certain payments set aside    488

588FGB Defences in proceedings under section 588FGA ............................ 489

588FH... Liquidator may recover from related entity benefit resulting from insolvent transaction        490

588FI.... Creditor who gives up benefit of unfair preference may prove for preferred debt   490

588FJ.... Floating charge created within 6 months before relation‑back day . 491

Division 3--Director's duty to prevent insolvent trading                     493

588G..... Director's duty to prevent insolvent trading by company ............ 493

588H..... Defences ......................................................................................... 495

Division 4--Director liable to compensate company                                497

Subdivision A--Proceedings against director                                                    497

588J...... On application for civil penalty order, Court may order compensation 497

588K..... Criminal court may order compensation ........................................ 497

588L...... Enforcement of order under section 588J or 588K ......................... 498

588M.... Recovery of compensation for loss resulting from insolvent trading 498

588N..... Avoiding double recovery ............................................................... 499

588P...... Effect of sections 588J, 588K and 588M ....................................... 499

588Q..... Certificates evidencing contravention ............................................. 499

Subdivision B--Proceedings by creditor                                                             500

588R..... Creditor may sue for compensation with liquidator's consent ...... 500

588S...... Creditor may give liquidator notice of intention to sue for compensation               500

588T..... When creditor may sue for compensation without liquidator's consent 501

588U..... Events preventing creditor from suing ............................................ 501

Division 5--Liability of holding company for insolvent trading by subsidiary     502

588V..... When holding company liable ......................................................... 502

588W.... Recovery of compensation for loss resulting from insolvent trading 502

588X..... Defences ......................................................................................... 503

Division 6--Application of compensation under Division 4 or 5        505

588Y..... Application of amount paid as compensation ................................ 505

Division 7--Person managing a corporation while disqualified may become liable for corporation's debts                                                                                                                     506

588Z..... Court may make order imposing liability ....................................... 506

Part 5.8--Offences                                                                                                              507

589........ Interpretation and application ........................................................ 507

590........ Offences by officers of certain companies ..................................... 510

592........ Incurring of certain debts; fraudulent conduct ................................ 512

593........ Powers of Court ............................................................................. 514

594........ Certain rights not affected .............................................................. 515

595........ Inducement to be appointed liquidator etc. of company ................ 516

596........ Frauds by officers ........................................................................... 516

Part 5.8A--Employee entitlements                                                                            518

596AA.. Object and coverage of Part ............................................................ 518

596AB.. Entering into agreements or transactions to avoid employee entitlements               519

596AC.. Person who contravenes section 596AB liable to compensate for loss .. 520

596AD.. Avoiding double recovery ............................................................... 520

596AE... Effect of section 596AC ................................................................. 521

596AF... Employee may sue for compensation with liquidator's consent ... 521

596AG.. Employee may give liquidator notice of intention to sue for compensation            521

596AH.. When employee may sue for compensation without liquidator's consent               522

596AI.... Events preventing employee from suing ........................................ 522

Part 5.9--Miscellaneous                                                                                                  524

Division 1--Examining a person about a corporation                              524

596A..... Mandatory examination .................................................................. 524

596B..... Discretionary examination .............................................................. 524

596C..... Affidavit in support of application under section 596B ................ 525

596D..... Content of summons ...................................................................... 525

596E...... Notice of examination ..................................................................... 525

596F...... Court may give directions about examination ................................. 526

597........ Conduct of examination .................................................................. 526

597A..... When Court is to require affidavit about corporation's examinable affairs              529

597B..... Costs of unnecessary examination or affidavit ............................... 530

Division 2--Orders against a person in relation to a corporation     531

598........ Order against person concerned with corporation .......................... 531

Division 3--Provisions applying to various kinds of external administration     533

600A..... Powers of Court where outcome of voting at creditors' meeting determined by related entity               533

600B..... Review by Court of resolution of creditors passed on casting vote of person presiding at meeting        534

600C..... Court's powers where proposed resolution of creditors lost as casting vote of person presiding at meeting         535

600D..... Interim order on application under section 600A, 600B or 600C .. 536

600E...... Order under section 600A or 600B does not affect act already done pursuant to resolution 536

600F...... Limitation on right of suppliers of essential services to insist on payment as condition of supply        536

600G..... Electronic methods of giving or sending certain notices etc. ........... 538

Chapter 5A--Deregistration, and transfer of registration, of companies    540

Part 5A.1--Deregistration                                                                                              540

601AA.. Deregistration--voluntary .............................................................. 540

601AB.. Deregistration--ASIC initiated ...................................................... 541

601AC.. Deregistration--following amalgamation or winding up ................ 542

601AD.. Effect of deregistration ................................................................... 542

601AE... What the Commonwealth or ASIC does with the property .......... 544

601AF... The Commonwealth's and ASIC's power to fulfil outstanding obligations of deregistered company    546

601AG.. Claims against insurers of deregistered company ........................... 546

601AH.. Reinstatement ................................................................................. 546

Part 5A.2--Transfer of registration                                                                          548

601AI.... Transferring registration ................................................................. 548

601AJ... Applying to transfer registration .................................................... 548

601AK.. ASIC makes transfer of registration declaration ............................. 548

601AL... ASIC to deregister company .......................................................... 549

Chapter 5B--Bodies corporate registered as companies, and registrable bodies                 550

Part 5B.1--Registering a body corporate as a company                              550

Division 1--Registration                                                                                         550

601BA.. Bodies corporate may be registered as certain types of companies 550

601BB... Bodies registered as proprietary companies ................................... 550

601BC... Applying for registration under this Part ....................................... 551

601BD.. ASIC gives body ACN, registers as company and issues certificate 555

601BE... Registered office ............................................................................. 555

601BF... Name ............................................................................................... 555

601BG.. Constitution .................................................................................... 556

601BH.. Modifications of constitution ......................................................... 556

601BJ.... ASIC may direct company to apply for Court approval for modifications of constitution    556

601BK.. Establishing registers and minute books ......................................... 557

601BL... Registration of registered bodies ..................................................... 557

Division 2--Operation of this Act                                                                       558

601BM. Effect of registration under this Part .............................................. 558

601BN.. Liability of members on winding up ............................................... 558

601BP... Bearer shares ................................................................................... 558

601BQ.. References in pre‑registration contracts and other documents to par value in existing contracts and documents    559

601BR... First AGM ..................................................................................... 560

601BS... Modification by regulations ........................................................... 560

Part 5B.2--Registrable bodies                                                                                     561

Division 1--Registrable Australian bodies                                                    561

601CA.. When a registrable Australian body may carry on business in this jurisdiction and outside its place of origin       561

601CB... Application for registration ............................................................ 561

601CC... Cessation of business etc. ............................................................... 562

Division 2--Foreign companies                                                                           565

601CD.. When a foreign company may carry on business in this jurisdiction 565

601CDALimited disclosure if place of origin is a prescribed country .......... 565

601CE... Application for registration ............................................................ 565

601CF... Appointment of local agent ............................................................ 566

601CG.. Local agent: how appointed ............................................................ 567

601CH.. Local agent: how removed .............................................................. 568

601CJ.... Liability of local agent .................................................................... 568

601CK.. Balance‑sheets and other documents .............................................. 568

601CL... Cessation of business etc. ............................................................... 570

601CM. Register of members of foreign company ....................................... 573

601CN.. Register kept under section 601CM ............................................... 574

601CP... Notifying ASIC about register kept under section 601CM ........... 574

601CQ.. Effect of right to acquire shares compulsorily ................................ 575

601CR... Index of members and inspection of registers ................................. 575

601CS... Certificate as to shareholding .......................................................... 575

Division 3--Bodies registered under this Part                                           576

601CTA Limited disclosure if place of origin is a prescribed country .......... 576

601CT... Registered office ............................................................................. 576

601CU.. Certificate of registration ................................................................ 577

601CV... Notice of certain changes ................................................................ 577

601CW.. Body's name etc. must be displayed at office and place of business 578

601CX.. Service of documents on registered body ....................................... 578

601CY... Power to hold land .......................................................................... 580

Division 4--Register of debenture holders for non‑companies         581

601CZA Certain documents are debentures .................................................. 581

601CZB Register of debenture holders to be maintained by non‑companies 581

601CZC Location of register ......................................................................... 581

601CZD Application of sections 173 to 177 ................................................ 582

Part 5B.3--Names of registrable Australian bodies and foreign companies             583

601DA.. Reserving a name ............................................................................ 583

601DB.. Acceptable abbreviations ................................................................ 583

601DC.. When a name is available ................................................................ 584

601DD.. Registered Australian bodies and registered foreign companies can carry on business with some names only       585

601DE... Using a name and ARBN ................................................................ 585

601DF... Exception to requirement to have ARBN on receipts .................... 586

601DG.. Regulations may exempt from requirement to set out information on documents   586

601DH.. Notice of name change must be given to ASIC ............................... 587

601DJ... ASIC's power to direct a registered name be changed .................... 587