CORPORATIONS ACT 2001 - SECT 347A Directors must pass a solvency resolution after each review date
CORPORATIONS ACT 2001 - SECT 347A
Directors must pass a solvency resolution after each review date(1) The directors of a company must pass a solvency resolution within 2 months after each review date for the company.
(2) Subsection (1) does not apply to the directors of a company that has lodged a financial report with ASIC under Chapter 2M within the period of 12 months before the review date.
Note: The defendant bears an evidential burden in relation to the matter in subsection (2). See subsection 13.3(3) of the Criminal Code .
(3) An offence based on subsection (1) is an offence of
strict liability.