Corporations Act 2001

CHAPTER 2N - UPDATING ASIC INFORMATION ABOUT COMPANIES, REGISTERED SCHEMES AND NOTIFIED FOREIGN PASSPORT FUNDS  

PART 2N.3 - SOLVENCY RESOLUTION  

Note: This Part does not apply to CCIVs: see subsection 1232U(1) .

SECTION 347B   NOTICE TO ASIC  

347B(1)    
If the directors of a company pass a negative solvency resolution under section 347A , the company must notify ASIC of that fact, in the prescribed form, within 7 days after the resolution is passed.

347B(2)    
If:

(a)    subsection 347A(1) applies to the directors of a company; and

(b)    the directors have not passed a solvency resolution under section 347A within 2 months after a review date;

the company must notify ASIC of that fact, in the prescribed form, within 7 days after the end of the 2 month period following the review date.

347B(3)    

An offence based on subsection (1) or (2) is an offence of strict liability.