Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 39

39. After section 418 of the Corporations Law the following section is
inserted: Court may declare whether controller is validly acting

"418A.(1) Where there is doubt, on a specific ground, about:

   (a)  whether a purported appointment of a person, after the commencement of
        this section, as receiver of property of a corporation is valid; or

   (b)  whether a person who has entered into possession, or assumed control,
        of property of a corporation after the commencement of this section
        did so validly under the terms of a charge on that property; the
        person, the corporation or any of the corporation's creditors may
        apply to the Court for an order under subsection (2).

"(2) On an application, the Court may make an order declaring whether or not:

   (a)  the purported appointment was valid; or

   (b)  the person entered into possession, or assumed control, validly under
        the terms of the charge; as the case may be, on the ground specified
        in the application or on some other ground.".