Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 420

420. (1) Subject to this section, a receiver of property of a corporation has
power to do, in Australia and elsewhere, all things necessary or convenient to
be done for or in connection with, or as incidental to, the attainment of the
objectives for which the receiver was appointed.

(2) Without limiting the generality of subsection (1), but subject to any
provision of the court order by which, or the instrument under which, the
receiver was appointed, being a provision that limits the receiver's powers in
any way, a receiver of property of a corporation has, in addition to any
powers conferred by that order or instrument, as the case may be, or by any
other law, power, for the purpose of attaining the objectives for which the
receiver was appointed:

   (a)  to enter into possession and take control of property of the
        corporation in accordance with the terms of that order or instrument;

   (b)  to lease, let on hire or dispose of property of the corporation;

   (c)  to grant options over property of the corporation on such conditions
        as the receiver thinks fit;

   (d)  to borrow money on the security of property of the corporation;

   (e)  to insure property of the corporation;

   (f)  to repair, renew or enlarge property of the corporation;

   (g)  to convert property of the corporation into money;

   (h)  to carry on any business of the corporation;

   (j)  to take on lease or on hire, or to acquire, any property necessary or
        convenient in connection with the carrying on of a business of the
        corporation;

   (k)  to execute any document, bring or defend any proceedings or do any
        other act or thing in the name of and on behalf of the corporation;

   (m)  to draw, accept, make and indorse a bill of exchange or promissory
        note;

   (n)  to use a seal of the corporation;

   (o)  to engage or discharge employees on behalf of the corporation;

   (p)  to appoint a solicitor, accountant or other professionally qualified
        person to assist the receiver;

   (q)  to appoint an agent to do any business that the receiver is unable to
        do, or that it is unreasonable to expect the receiver to do, in
        person;

   (r)  where a debt or liability is owed to the corporation-to prove the debt
        or liability in a bankruptcy, insolvency or winding up and, in
        connection therewith, to receive dividends and to assent to a proposal
        for a composition or a scheme of arrangement;

   (s)  where the receiver was appointed under an instrument that created a
        charge on uncalled capital or uncalled premiums of the corporation:

        (i)    in the name of the corporation, to make a call in respect of
               money unpaid on shares in the corporation (whether on account
               of the nominal value of the shares or by way of premium); or

        (ii)   upon the giving of a proper indemnity to a liquidator of the
               corporation-in the name of the liquidator, to make a call in
               respect of money unpaid on account of the nominal value of
               shares in the corporation;

   (t)  to enforce payment of any call that is due and unpaid, whether the
        calls were made by the receiver or otherwise;

   (u)  to make or defend an application for the winding up of the
        corporation; and

   (w)  to refer to arbitration any question affecting the corporation.

(3) The conferring by this section on a receiver of powers in relation to
property of a corporation does not affect any rights in relation to that
property of any other person other than the corporation.

(4) In this section, a reference, in relation to a receiver, to property of a
corporation is, unless the contrary intention appears, a reference to the
property of the corporation in relation to which the receiver was appointed.