THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS

SECTION 420A   CONTROLLER'S DUTY OF CARE IN EXERCISING POWER OF SALE  

420A(1)  [Controller to take reasonable care]  

In exercising a power of sale in respect of property of a corporation, a controller must take all reasonable care to sell the property for:

(a)  if, when it is sold, it has a market value - not less than that market value; or

(b)  otherwise - the best price that is reasonably obtainable, having regard to the circumstances existing when the property is sold.

420A(2)  [Non limiting generality]  

Nothing in subsection (1) limits the generality of anything in section 180, 181, 182, 183 or 184.