Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 347B

  (1)   If the directors of a company pass a negative solvency resolution under section   347A, the company must notify ASIC of that fact, in the prescribed form, within 7 days after the resolution is passed.

  (2)   If:

  (a)   subsection   347A(1) applies to the directors of a company; and

  (b)   the directors have not passed a solvency resolution under section   347A within 2 months after a review date;

the company must notify ASIC of that fact, in the prescribed form, within 7 days after the end of the 2 month period following the review date.

  (3)   An offence based on subsection   (1) or (2) is an offence of strict liability.