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This is a Bill, not an Act. For current law, see the Acts databases.
CORPORATIONS AMENDMENT (SONS OF GWALIA) BILL 2010
2008-2009-2010
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Corporations Amendment (Sons of
Gwalia) Bill 2010
No. , 2010
(Financial Services, Superannuation and Corporate Law)
A Bill for an Act to amend the law relating to
claims against corporations, and for related
purposes
i Corporations Amendment (Sons of Gwalia) Bill 2010 No. , 2010
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Amendment of the Corporations Act 2001
3
Corporations Amendment (Sons of Gwalia) Bill 2010 No. , 2010 1
A Bill for an Act to amend the law relating to
1
claims against corporations, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Corporations Amendment (Sons of
6
Gwalia) Act 2010.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2 Corporations Amendment (Sons of Gwalia) Bill 2010 No. , 2010
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
1
passed by both Houses of the Parliament and assented to. It will not be
2
expanded to deal with provisions inserted in this Act after assent.
3
(2) Column 3 of the table contains additional information that is not
4
part of this Act. Information in this column may be added to or
5
edited in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Amendment of the Corporations Act 2001 Schedule 1
Corporations Amendment (Sons of Gwalia) Bill 2010 No. , 2010 3
Schedule 1--Amendment of the Corporations
1
Act 2001
2
3
1 At the end of Chapter 2F
4
Add:
5
Part 2F.4--Proceedings against a company by
6
members and others
7
8
247E Shareholding does not prevent compensation claim
9
A person is not prevented from obtaining damages or other
10
compensation from a company only because the person:
11
(a) holds, or has held, shares in the company; or
12
(b) has subscribed for shares in the company; or
13
(c) has a right to be included in the register that the company
14
maintains under section 169.
15
2 Section 563A
16
Repeal the section, substitute:
17
563A Postponing subordinate claims
18
(1) The payment of a subordinate claim made against a company is to
19
be postponed until all other claims made against the company are
20
satisfied.
21
(2) In this section, subordinate claim means:
22
(a) a claim for a debt owed by the company to a person in the
23
person's capacity as a member of the company (whether by
24
way of dividends, profits or otherwise); or
25
(b) any other claim that arises from a person buying, holding,
26
selling or otherwise dealing in shares in the company.
27
3 At the end of Division 3 of Part 5.9
28
Add:
29
Schedule 1 Amendment of the Corporations Act 2001
4 Corporations Amendment (Sons of Gwalia) Bill 2010 No. , 2010
600H Rights if claim against the company postponed
1
A person whose claim against a company is postponed under
2
section 563A is entitled:
3
(a) to receive a copy of any notice, report or statement to
4
creditors only if the person asks the administrator or
5
liquidator of the company, in writing, for a copy of the
6
notice, report or statement; and
7
(b) to vote in their capacity as a creditor of the company, during
8
the external administration of the company, only if the Court
9
so orders.
10
4 Application provision--postponed claims
11
(1)
Section 563A of the Corporations Act 2001, as amended by this
12
Schedule, applies to a claim that arises after this Schedule commences.
13
(2)
Section 600H of the Corporations Act 2001, as inserted by this
14
Schedule, applies to a claim made against a company if the external
15
administration of the company commences after this Schedule
16
commences.
17