THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT

Division 3 - Administrator assumes control of company's affairs

SECTION 437C   POWERS OF OTHER OFFICERS SUSPENDED  

437C(1)  [Officer cannot exercise powers]  

While a company is under administration, a person (other than the administrator) cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except with the administrator's written approval.

437C(2)  [Officers not removed from office]  

Subsection (1) does not remove an officer of a company from his or her office.

437C(3)  [Sec 437D]  

Section 437D does not limit the generality of subsection (1) of this section.

437C(4)  [``officer'']  

In this section:

``officer'' , in relation to a company under administration, includes:

(a)  a receiver who is not also a manager; and

(b)  a receiver and manager appointed by a court; and

(c)  a liquidator or provisional liquidator appointed by the Court before the administration began.

437C(5)  [Employees]  

However, a person is not an officer of a company for the purposes of this section merely because he or she is an employee of the company.