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 425
COURT'S POWER TO FIX RECEIVER'S REMUNERATION
425(1)
[Court's power]
The Court may by order fix the amount to be paid by way of remuneration to any person who, under a power contained in an instrument, has been appointed as receiver of property of a corporation.
History
S 425(1) amended by No 210 of 1992, s 46(a) and (b) (effective 23 June 1993).
425(2)
[Extent of power]
The power of the Court to make an order under this section:
(a)
extends to fixing the remuneration for any period before the making of the order or the application for the order;
(b)
is exercisable even if the receiver has died, or ceased to act, before the making of the order or the application for the order; and
(c)
if the receiver has been paid or has retained for the receiver's remuneration for any period before the making of the order any amount in excess of that fixed for that period - extends to requiring the receiver or the receiver's personal representatives to account for the excess or such part of the excess as is specified in the order.
425(3)
[Excessive remuneration]
The power conferred by paragraph
(2)(c) shall not be exercised in respect of any period before the making of the application for the order unless, in the opinion of the Court, there are special circumstances making it proper for the power to be so exercised.
425(4)
[Variation or amendment of order]
The Court may from time to time vary or amend an order under this section.
History
S 425(4) substituted by No 210 of 1992, s 46(c) (effective 23 June 1993).
425(5)
[Application for amendment by liquidator, etc]
An order under this section may be made, varied or amended on the application of:
(a)
a liquidator of the corporation; or
(b)
an administrator of the corporation; or
(c)
an administrator of a deed of company arrangement executed by the corporation; or
(d)
the Commission.
History
S 425(5) inserted by No 210 of 1992, s 46(c) (effective 23 June 1993).
425(6)
[Application for amendment by receiver]
An order under this section may be varied or amended on the application of the receiver concerned.
History
S 425(6) inserted by No 210 of 1992, s 46(c) (effective 23 June 1993).
425(7)
[No other power to amend]
An order under this section may be made, varied or amended only as provided in subsections
(5) and
(6).
History
S 425(7) inserted by No 210 of 1992, s 46(c) (effective 23 June 1993).
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