Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.25 - TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Division 3 - Application of Part 3 of the Insolvency Practice Schedule (Corporations) and related consequential amendments  

Subdivision C - Remuneration and other benefits received by external administrators  

SECTION 1585   APPLICATION OF NEW PROVISIONS ABOUT EXERCISE OF POWERS WHILE COMPANY UNDER EXTERNAL ADMINISTRATION  

Application of new section 198G

1585(1)    
Section 198G (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 ) applies in relation to an exercise of power or a performance of a function that occurs on or after the commencement day.

Approval under old Act continues to have effect

1585(2)    
If, under subsection 499(4) of the old Act, a committee of inspection or the company ' s creditors give approval for a director of the company to continue to perform or exercise the director ' s powers or functions, subsections 198G(1) and (2) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 ) do not apply in relation to the director.