Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 157

157. (1) This section has effect for the purposes of section 156.

(2) Unless it is satisfied to the contrary, the Commission shall be deemed to
be satisfied that a company is, at a particular time, neither a trading
corporation nor a banking corporation if, as at that time:

   (a)  the company:

        (i)    has contravened section 155; and

        (ii)   has lodged no annual return; or

   (b)  the company has lodged a notice under subsection 158 (3).

(3) Unless it is satisfied to the contrary, the Commission shall be deemed to
be satisfied that a company is, at a particular time, neither a trading
corporation nor a banking corporation if, as at that time:

   (a)  the company has contravened section 335 in relation to a particular
        financial year;

   (b)  the Commission has given to the company a written notice requiring the
        company to lodge its annual return for that financial year within a
        specified period of at least 28 days after the notice is so given; and

   (c)  that period has ended and the company has not lodged an annual return
        for that financial year that includes a statement complying with
        section 336.

(4) Unless it is satisfied to the contrary, the Commission shall be deemed to
be satisfied that a company is not a trading corporation at a particular time
if:

   (a)  as at that time, the company:

        (i)    has lodged for the purposes of section 155 a statement stating
               to the effect that the company does not intend as mentioned in
               subsection 155 (4); and

        (ii)   has lodged no annual return; or

   (b)  a statement included under section 336 in the last annual return
        lodged by the company before that time states to the effect that:

        (i)    as at a particular day, trading activities were not a
               substantial part of the company's activities;

        (ii)   the company does not intend as mentioned in paragraph 336 (5)
               (b);

        (iii)  the company became dormant on a particular day that is not less
               than 3 months before that time;

        (iv)   trading activities were not a substantial part of the
               activities in which the company engaged during a particular
               period; or

        (v)    the company does not intend as mentioned in paragraph 336 (8)
               (c).

(5) Unless it is satisfied to the contrary, the Commission shall be deemed to
be satisfied that a company is not a banking corporation at a particular time
if, as at that time:

   (a)  the company:

        (i)    has lodged for the purposes of section 155 a statement that
               does not state to the effect that the company intends as
               mentioned in subsection 155 (5); and

        (ii)   has lodged no annual return; or

   (b)  the statement included under section 336 in the last annual return
        lodged by the company before that time:

        (i)    does not state as mentioned in subsection 336 (6); or

        (ii)   states to the effect that the company does not intend as
               mentioned in paragraph 336 (7) (b).