CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS
History
Heading substituted by No 210 of 1992, s 37 (effective 23 June
1993).
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.
History
S 420A(1) inserted by No 210 of 1992, s 41 (effective 23 June 1993).
CCH Note:
See s 1379(1).
420A(2)
[Non limiting generality]
Nothing in subsection
(1) limits the generality of anything in section
180,
181,
182,
183 or
184.
CCH Note:
No 156 of 1999 purported to amend sec 420A(2) inconsistently - once in Sch 3 Pt 3, and again in Sch 3 Pt 7. We have made the amendment on the basis of Sch 3 Pt 3.
History
S 420A(2) amended by No 156 of 1999, Sch 3, Pt 3 (effective 13 March 2000).
S 420A(2) inserted by No 210 of 1992, s 41 (effective 23 June 1993).
CCH Note:
See s 1379(1).
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