Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 440

440. (1) At a meeting of the creditors of a company held under this Part, the
creditors may resolve that a committee of management be appointed for the
purposes of this Part.

(2) A committee of management of a company shall consist of 5 natural persons,
of whom 3 shall be appointed by the creditors of the company by special
resolution and 2 shall be appointed by the members of the company at a general
meeting of the company.

(3) A person is not eligible to be appointed a member of a committee of
management of a company unless the person is:

   (a)  in the case of an appointment by the creditors of the company:

        (i)    a creditor of the company;

        (ii)   the attorney of a creditor of the company by virtue of a
               general power of attorney given by the creditor; or

        (iii)  a person authorised in writing by a creditor of the company to
               be a member of the committee of management; or

   (b)  in the case of an appointment by the members of the company:

        (i)    a member of the company;

        (ii)   the attorney of a member of the company by virtue of a general
               power of attorney given by the member; or

        (iii)  a person authorised in writing by a member of the company to be
               a member of the committee of management.