Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 62

62. (1) A body corporate is dormant throughout a particular period if, and
only if, throughout that period, the body:

   (a)  did not receive or become entitled to any income or incur or become
        liable for any expenditure;

   (b)  did not purchase, sell or supply any goods or other property, or any
        services, or enter into any agreement or pass any resolution in
        relation to the purchase, sale or supply of goods or other property,
        or services;

   (c)  did not issue, sell, purchase or make available any securities, or
        enter into any agreement or pass any resolution in relation to the
        issue, sale, purchase or making available of securities;

   (d)  did not issue a prospectus or statement, or enter into any agreement
        or pass any resolution in relation to the issue of a prospectus or
        statement, in connection with the issue, sale, purchase or making
        available, or the proposed issue, sale, purchase or making available,
        of any securities;

   (e)  did not take part in any research, development or exploration
        activities, or enter into any agreement or pass any resolution in
        relation to taking part in research, development or exploration
        activities;

   (f)  was not, and did not become, a party to any lease, franchise, joint
        venture or partnership arrangement, and did not take part in any
        lease, franchise, joint venture or partnership arrangement, or enter
        into any agreement or pass any resolution in relation to becoming a
        party to, or taking part in, any lease, franchise, joint venture or
        partnership arrangement;

   (g)  did not make, receive or guarantee any loan, or enter into any
        agreement or pass any resolution in relation to making, receiving or
        guaranteeing a loan;

   (h)  was not, and did not become, a party to any underwriting agreement and
        did not enter into any agreement or pass any resolution in relation to
        becoming a party to any underwriting agreement;

   (j)  did not obtain or receive a grant of any licence or other authority,
        or make any application or pass any resolution in relation to
        obtaining a licence or other authority; and

   (k)  was not, and did not become, a party to any litigation or negotiations
        with any other person or body.

(2) A body corporate shall not be taken not to be dormant throughout a
particular period merely because, during that period, the body:

   (a)  issues shares to a subscriber to the body's memorandum;

   (b)  holds shares in a body corporate that is dormant throughout that
        period;

   (c)  receives or becomes entitled to income by way of a payment of a charge
        imposed by the body:

        (i)    in connection with its performance of an obligation imposed by
               this Act or the company law of a State or Territory; and

        (ii)   in accordance with this Act or that law, as the case may be; or

   (d)  incurs or becomes liable to a necessary expense in connection with
        doing an act or thing mentioned in paragraph (a) or (b) or performing
        an obligation imposed on the body, or an officer of the body, by this
        Act or the company law of a State or Territory.

(3) A body corporate is dormant at a particular time if, and only if, that
time occurs during, or at the beginning or end of, a period throughout which
the body is dormant.

(4) A body corporate becomes dormant at its incorporation if, and only if, the
body is dormant throughout a period beginning at its incorporation.

(5) A body corporate becomes dormant at a particular time after its
incorporation if, and only if, the body:

   (a)  is dormant throughout a period beginning at that time; and

   (b)  was dormant throughout no period ending at that time.

(6) A body corporate ceases at a particular time to be dormant if, and only
if, the body:

   (a)  was dormant throughout a period ending at that time; and

   (b)  is dormant throughout no period beginning at that time.