JAMES HARDIE FORMER SUBSIDIARIES (SPECIAL PROVISIONS) ACT 2005 - As at 8 February 2007 - Act 45 of 2005

Table of Provisions

• Long Title

PART 1 - PRELIMINARY

• 1 Name of Act
• 2 Commencement
• 3 Definitions
• 4 Extraterritorial operation of Act
• 5 Construction of legislation so as not to exceed the legislative power of Parliament
• 6 Act to bind State and other jurisdictions

PART 2 - LIMITATIONS ON CORPORATE RESTRUCTURING

Division 1 - Interpretation

• 7 Definitions

Division 2 - Registered offices and Member Registers

• 8 Registered offices to be within the State
• 9 Member Register to be within the State
• 10 Orders to relocate registered office or Member Register to the State

Division 3 - Transfers of shares by relevant companies

• 11 Certain transfers of shares in liable entities prohibited
• 12 Orders requiring transfer of shares back to relevant company

Division 4 - Expiry of Part

• 13 Part expires when external administration period ends

Division 5 - Displacement of Corporations legislation

• 14 Displacement of certain provisions of Corporations legislation

PART 3 - EXTERNAL ADMINISTRATION OF LIABLE ENTITIES

Division 1 - General

• 15 External administration period
• 16 External administration must be conducted under this Part

Division 2 - Management of liable entities

• 17 Management during external administration period
• 18 Conduct of business during external administration period
• 19 Directions from Minister
• 20 Notification that liable entity under external administration
• 21 Liable entity may continue to trade while insolvent
• 22 Deregistration of liable entities

Division 3 - Making and payment of claims

• 23 Claims payable only as permitted by this Division
• 24 Determination of whether sufficient funds
• 25 Payments during period of sufficient funds
• 26 Minister may apply to Supreme Court if insufficient funds

Division 4 - Reporting requirements, information and assistance

• 27 External administration accounts
• 28 Inspection of books
• 29 Assistance from officers of liable entity

Division 5 - Removal of directors of liable entities

• 30 Supreme Court may order removal of directors

Division 6 - Enforcement

• 31 Meaning of "authorised applicant"
• 32 Enforcement of provisions of this Part
• 33 Advice or directions concerning provisions of this Part
• 34 Supreme Court may request non-NSW court or tribunal to act in its aid
• 35 Protection for exercise of certain functions during external administration period

Division 7 - Displacement of Corporations legislation

• 36 Displacement of certain provisions of the Corporations Act

PART 4 - MISCELLANEOUS

• 37 Exemption from State tax
• 38 Delegation
• 39 Service of documents
• 40 Offences by corporations
• 41 Nature of proceedings for offences
• 42 Regulations
• 43 Savings, transitional and other provisions
44. (Repealed)
• SCHEDULE 1
Schedule 2 (Repealed)