CORPORATIONS ACT 2001 - SECT 348C ASIC may require a solvency resolution and statement

CORPORATIONS ACT 2001 - SECT 348C

  (1)   ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection   (2) or subsection   (3). The company may choose which subsection to comply with.

Note:   This section does not apply to CCIVs: see subsection   1232U(2).

  (2)   The company complies with this subsection if:

  (a)   before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and

  (b)   the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution.

  (3)   The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section   347A in respect of the company's most recent review date.