Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 1585

Application of new provisions about exercise of powers while company under external administration

Application of new section   198G

  (1)   Section   198G (as inserted by Schedule   2 to the Insolvency Law Reform Act 2016 ) applies in relation to an exercise of power or a performance of a function that occurs on or after the commencement day.

Approval under old Act continues to have effect

  (2)   If, under subsection   499(4) of the old Act, a committee of inspection or the company's creditors give approval for a director of the company to continue to perform or exercise the director's powers or functions, subsections   198G(1) and (2) (as inserted by Schedule   2 to the Insolvency Law Reform Act 2016 ) do not apply in relation to the director.


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