Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 442

442. (1) Subject to section 454, where a special resolution placing a company
under official management has been duly passed by the creditors of the company
under subsection 439 (1):

   (a)  the company is under official management for the period specified in
        the special resolution unless the official management is extended or
        earlier terminated under this Part;

   (b)  the directors of the company cease to hold office;

   (c)  the person appointed official manager of the company shall assume, and
        is responsible for, the management of the company and shall perform
        the duties, and may perform any of the functions and exercise any of
        the powers, of the directors of the company; and

   (d)  the affairs of the company shall be conducted subject to this Part.

(2) The official manager shall be chairman of any meeting of the company, of
its creditors or of the creditors and members of the company that is held or
resumed while he or she holds office as official manager.