Corporations Act 2001
CHAPTER 10
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TRANSITIONAL PROVISIONS
PART 10.25
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TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
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.
Division 3
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Application of Part 3 of the Insolvency Practice Schedule (Corporations) and related consequential amendments
Subdivision C
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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.
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