CONVEYANCERS ACT 2006 - SECT 140 External administration proceedings under Corporations Act

CONVEYANCERS ACT 2006 - SECT 140

    (1)     This section applies to proceedings in any court under Chapter 5 (External administration) of the Corporations Act—

        (a)     relating to a company that is an externally-administered body corporate under that Act and that is or was a licensee; or

        (b)     relating to a company that is or was a licensee becoming an externally-administered body corporate under that Act.

    (2)     The Director is entitled to intervene in the proceedings, unless the court determines that the proceedings do not concern or affect the carrying out of conveyancing work by the licensee.

    (3)     The court may, when exercising its jurisdiction in the proceedings, have regard to the interests of the clients of the licensee on whose behalf conveyancing work has been, or is to be carried out by the licensee.

    (4)     Subsection (3) does not authorise the court to make any decision that is contrary to a specific provision of the Corporations Act.

    (5)     The provisions of subsections (2) and (3) are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act in relation to the provisions of Chapter 5 of that Act.

Note

Section 5G of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency.