Commonwealth Consolidated Acts

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Replacement of agent prescribed bodies corporate

                   The regulations may make provision for:

                     (a)  the replacement of an agent prescribed body corporate (the original PBC ) with another prescribed body corporate (the replacement PBC ) to perform the functions mentioned in subsection 57(3) where:

                              (i)  the common law holders wish the replacement to occur; or

                             (ii)  a liquidator is appointed for the original PBC; and

                     (b)  the determination by the Federal Court of the replacement PBC; and

                     (c)  any matter in relation to the transition from the original PBC to the replacement PBC, including the determination of that matter by the Federal Court; and

                     (d)  any other matters in relation to the replacement of the original PBC with the replacement PBC.

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