CORPORATIONS ACT 2001

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

PART 2N.3 - SOLVENCY RESOLUTION  

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.

View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.