Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 418

Persons not to act as receivers

(1) A person is not qualified to be appointed, and must not act, as receiver of property of a corporation if the person:

(a)
is a mortgagee of property of the corporation; or

(b)
is an auditor or an officer of the corporation; or

(c)
is an officer of a body corporate that is a mortgagee of property of the corporation; or

(d)
is not a registered liquidator; or

(e)
is an officer of a body corporate related to the corporation; or

(f)
unless ASIC directs in writing that this paragraph does not apply in relation to the person in relation to the corporation—has at any time within the last 12 months been an officer or promoter of the corporation or of a related body corporate.

(2) In subsection (1):

"officer", in relation to a body corporate, does not include a receiver, appointed under an instrument whether before or after the commencement of this Act.

(3) Paragraph (1)(d) does not apply in relation to a body corporate authorised by or under a law of the Commonwealth, of a State or of a Territory to act as receiver of property of the corporation concerned.



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