Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.4 - APPOINTMENT AND REMOVAL OF AUDITORS  

Division 3 - Auditor independence  

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Subdivision C - Common provisions  

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SECTION 324CL   PEOPLE WHO ARE REGARDED AS OFFICERS OF A COMPANY FOR THE PURPOSES OF THIS DIVISION  

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324CL(1)    
For the purposes of this Division, a person is taken to be an officer of a company if:

(a)    the person is an officer of:


(i) a related body corporate; or

(ii) an entity that the company controls; or

(b)    the person has, at any time within the immediately preceding period of 12 months, been an officer or promoter of:


(i) the company; or

(ii) a related body corporate; or

(iii) an entity that the company controlled at that time.

Note: This section applies in relation to retail CCIVs in a modified form: see section 1232Q .
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324CL(2)    
Paragraph (b) does not apply if ASIC directs that it does not apply in relation to the person in relation to the company. ASIC may give the direction only if ASIC thinks that it is appropriate to do so in the circumstances of the case.

324CL(3)    
For the purposes of this Division, a person is not taken to be an officer of a company by reason only of being, or having been, the liquidator of:

(a)    the company; or

(b)    a related body corporate; or

(c)    an entity that the company controls or has controlled.

324CL(4)    
For the purposes of this Division, a person is not taken to be an officer of a company merely because of one or more of the following:

(a)    having been appointed as auditor of:


(i) the company; or

(ii) a related body corporate; or

(iii) an entity that the company controls or has controlled;

(b)    having been appointed, for any purpose relating to taxation, as public officer of:


(i) a body corporate; or

(ii) an unincorporated body; or

(iii) a trust estate;

(c)    being or having been authorised to accept service of process or notices on behalf of:


(i) the company; or

(ii) a related body corporate; or

(iii) an entity that the company controls or has controlled.
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