Corporations Act 2001
[ CCH Note: Ch 2N heading will be amended by No 69 of 2020, s 3, Sch 1 [ 633], by omitting " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
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Hide history noteNote: This Part does not apply to CCIVs: see subsection 1232U(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 .
[ CCH Note: S 347A(2) will be amended by No 69 of 2020, s 3, Sch 1[650], by substituting " the Registrar " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
347A(3)
An offence based on subsection (1) is an offence of strict liability.
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