Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 453

453. (1) If at any time, on the application of the official manager or of any
creditor or member of a company or of the Commission, it appears to the Court
that the purpose for which the company was placed under official management
has been fulfilled or that, for any reason, it is undesirable that the company
should continue to be under official management, the Court may by order
terminate the official management on the date specified in the order and, upon
that date, the official manager ceases to be the official manager of the
company.

(2) The Court shall not make an order under subsection (1) on an application
by a person other than the Commission unless at least 7 days notice in writing
of the application has been given to the Commission.

(3) The Court may, on an application under subsection (1), if the applicant
or, where the Commission is not the applicant, the Commission so requests,
grant leave to the person making the request to file an application for the
winding up of the company.

(4) On making an order under subsection (1), the Court may also give such
directions as it considers fit for the resumption of the management and
control of the company by its officers, including directions for the convening
of a general meeting of members of the company to elect directors to take
office upon the termination of the official management.

(5) The costs and expenses of any proceeding before the Court under this
section and the costs and expenses incurred in convening a meeting of members
of the company pursuant to an order of the Court under this section shall, if
the Court so directs, form part of the costs of the official management of the
company.