Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 31

31. After section 53 of the Corporations Law the following sections are
inserted: Business affairs of a body corporate

"53AA. A body corporate's business affairs include (without limitation):

   (a)  any of the body's affairs (including anything that is included in the
        body's affairs because of section 53); and

   (b)  matters concerned with ascertaining the corporations with which the
        body is or has been connected. Business affairs of a natural person

"53AB. A natural person's business affairs include (without limitation):

   (a)  the person's examinable operations and examinable assets and
        liabilities; and

   (b)  any act done (including any contract made and any transaction entered
        into) by or on behalf of the person, or to or in relation to the
        person or his or her business or property, at a time when:

        (i)    the person was, under the Bankruptcy Act 1966 or the law of an
               external Territory, a bankrupt in respect of a bankruptcy from
               which the person had not been discharged; or

        (ii)   the person had, under a law of an external Territory or of a
               foreign country, the status of an undischarged bankrupt; or

        (iii)  the person's property was subject to control under Division 2
               of Part X of the Bankruptcy Act 1966 because of an authority
               given by the person under section 188 of that Act; or

        (iv)   a deed of assignment, deed of arrangement, or composition,
               under Part X of the Bankruptcy Act 1966 or under the
               corresponding provisions of the law of an external Territory or
               of a foreign country was in effect in relation to the person or
               the person's property; and

   (c)  without limiting the generality of paragraph (b), any conduct of the
        trustee of such a bankrupt estate or of such a deed of assignment or
        arrangement, a person acting under such an authority or a person
        administering such a composition; and

   (d)  matters concerned with ascertaining the corporations with which the
        person is or has been connected. Business affairs of a partnership

"53AC. A partnership's business affairs include (without limitation):

   (a)  the partnership's promotion, formation, membership, control,
        examinable operations and examinable assets and liabilities; and

   (b)  the partnership's management and proceedings; and

   (c)  any act done (including any contract made and any transaction entered
        into) by or on behalf of the partnership, or to or in relation to the
        partnership, at a time when the partnership is being wound up; and

   (d)  matters concerned with ascertaining the corporations with which the
        partnership is or has been connected. Business affairs of a trust

"53AD. A trust's business affairs include (without limitation):

   (a)  the creation of the trust; and

   (b)  matters arising under, or otherwise relating to, the terms of the
        trust; and

   (c)  the appointment and removal of a trustee of the trust; and

   (d)  the business, trading, transactions and dealings of the trustee of the
        trust; and

   (e)  the profits, income and receipts of the trustee of the trust; and

   (f)  the losses, outgoings and expenditure of the trustee of the trust; and

   (g)  the trust property, including transactions and dealings in, and the
        income arising from, the trust property; and

   (h)  the liabilities of the trustee of the trust; and

   (j)  the management of the trust; and

   (k)  any act done (including any contract made and any transaction entered
        into) by or on behalf of the trustee of the trust, or to or in
        relation to the trust, at a time when the trust is being wound up; and

   (l)  matters concerned with ascertaining the corporations with which the
        trust is or has been connected.".