Corporations Act 2001

CHAPTER 2N - UPDATING ASIC INFORMATION ABOUT COMPANIES, REGISTERED SCHEMES AND NOTIFIED FOREIGN PASSPORT FUNDS  

PART 2N.3 - SOLVENCY RESOLUTION  

Note: This Part does not apply to CCIVs: see subsection 1232U(1) .

SECTION 347A   DIRECTORS MUST PASS A SOLVENCY RESOLUTION AFTER EACH REVIEW DATE  

347A(1)    
The directors of a company must pass a solvency resolution within 2 months after each review date for the company.

347A(2)    
Subsection (1) does not apply to the directors of a company that has lodged a financial report with ASIC under Chapter 2M within the period of 12 months before the review date.

Note: The defendant bears an evidential burden in relation to the matter in subsection (2) . See subsection 13.3(3) of the Criminal Code .

347A(3)    

An offence based on subsection (1) is an offence of strict liability.