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 5.6 - WINDING UP GENERALLY
Division 5 - Committees of inspection
SECTION 551
MEMBER OF COMMITTEE NOT TO ACCEPT EXTRA BENEFIT
551(1)
[Member not to accept extra benefit]
A member of a committee of inspection shall not, while acting as such a member, except as provided by this Law or with the leave of the Court:
(a)
make an arrangement for receiving, or accept, from the company or any other person, in connection with the winding up, a gift, remuneration or pecuniary or other consideration or benefit;
(b)
directly or indirectly derive any profit or advantage from a transaction, sale or purchase for or on account of the company or any gift, profit or advantage from a creditor; or
(c)
directly or indirectly become the purchaser of any property of the company.
551(2)
[Transaction may be set aside]
A transaction entered into in contravention of subsection
(1) may be set aside by the Court on the application of a creditor or member of the company.