Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 418

418. (1) A person is not qualified to be appointed, and shall not act, as
receiver of property of a corporation if the person:

   (a)  is a mortgagee of property of the corporation;

   (b)  is an auditor or an officer of the corporation;

   (c)  is an officer of a body corporate that is a mortgagee of property of
        the corporation;

   (d)  is not a registered liquidator;

   (e)  is an officer of a body corporate related to the corporation; or

   (f)  unless the Commission directs in writing that this paragraph does not
        apply in relation to the person in relation to the corporation-has at
        any time within the last 12 months been an officer or promoter of the
        corporation or of a related body corporate.

(2) In subsection (1):

"officer", in relation to a body corporate, does not include a receiver,
appointed under an instrument whether before or after the commencement of this
section, of property of the body.

(3) Paragraph (1) (d) does not apply in relation to a body corporate
authorised by or under an Act or a law of a State or Territory to act as
receiver of property of the corporation concerned.

(4) Nothing in this section prevents a person from acting as receiver of
property of a Division 2 company under an appointment validly made before the
company's registration day.