Corporations Act 2001

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

PART 2N.4 - RETURN OF PARTICULARS  

SECTION 348C   ASIC MAY REQUIRE A SOLVENCY RESOLUTION AND STATEMENT  

348C(1)    
ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection (2) or subsection (3) . The company may choose which subsection to comply with.

Note: This section does not apply to CCIVs: see subsection 1232U(2) .

348C(2)    
The company complies with this subsection if:

(a)    before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and

(b)    the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution.

348C(3)    
The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section 347A in respect of the company ' s most recent review date.