THE CORPORATIONS LAW

CHAPTER 2D - OFFICERS AND EMPLOYEES

PART 2D.6 - DISQUALIFICATION FROM MANAGING CORPORATIONS

SECTION 206G   COURT POWER TO GRANT LEAVE  

206G(1)  [Application for leave]  

A person who is disqualified from managing corporations may apply to the Court for leave to manage:

(a)  corporations; or

(b)  a particular class of corporations; or

(c)  a particular corporation;

if the person was not disqualified by ASIC.

206G(2)  [Time limit]  

The person must lodge a notice with ASIC at least 21 days before commencing the proceedings. The notice must be in the prescribed form.

206G(3)  [Order may be conditional]  

The order granting leave may be expressed to be subject to exceptions and conditions determined by the Court.

Note:

If the Court grants the person leave to manage the corporation, the person may be appointed as a director (see section 201B) or secretary (see section 204B) of a company.

206G(4)  [Lodgment with ASIC]  

The person must lodge with ASIC a copy of any order granting leave within 14 days after the order is made.

206G(5)  [Revocation of leave]  

On application by ASIC, the Court may revoke the leave. The order revoking leave does not take effect until it is served on the person.