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 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT
History
Pt 5.3A inserted by No 210 of 1992, s 56 (effective 23 June
1993).
Division 3 - Administrator assumes control of company's affairs
History
Heading inserted by No 210 of 1992, s 56 (effective 23 June
1993).
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.
History
S 437C(1) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
437C(2)
[Officers not removed from office]
Subsection
(1) does not remove an officer of a company from his or her office.
History
S 437C(2) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
437C(3)
[Sec 437D]
Section
437D does not limit the generality of subsection
(1) of this section.
History
S 437C(3) inserted by No 210 of 1992, s 56 (effective 23 June 1993).
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.
History
S 437C(4) inserted by No 210 of 1992, s 56 (effective 23 June
1993).
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.
History
S 437C(5) inserted by No 210 of 1992, s 56 (effective 23 June 1993).