Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 50

50. Section 429 of the Corporations Law is amended:

   (a)  by omitting from subsection (1) "receiver has been appointed, means a
        person who is" and substituting "person is controller, means a person
        who was";
(b) by omitting from subsections (1) and (2) "day of the appointment" and
substituting "control day";

   (c)  by omitting from subsection (2) everything before paragraph (a) and
        substituting "Where a person becomes a controller of property of a
        corporation:";

   (d)  by omitting from paragraphs (2)(a), (b) and (c) "receiver" (wherever
        occurring) and substituting "person";

   (e)  by omitting from paragraph (2)(a) "of the appointment" and
        substituting "that the person is a controller of property of the
        corporation";

   (f)  by omitting subparagraph (2)(c)(iii) and substituting the following
        subparagraph:

"(iii) if the person became a controller of the property:

                (A)  because of an appointment as receiver of the property
                     that was made by or on behalf of the holder of debentures
                     of the corporation; or

                (B)  by entering into possession, or taking control, of the
                     property for the purpose of enforcing a charge securing
                     such debentures; and there are trustees for the holders
                     of those debentures - send to those trustees a copy of
                     the report and a copy of the notice lodged under
                     subparagraph (i).";

   (g)  by omitting from subsections (3) and (4) "receiver" (wherever
        occurring) and substituting "controller";

   (h)  by omitting subsection (6) and substituting the following subsections:

"(6) Subsections (2), (3) and (4) do not apply in a case where a person
becomes a controller of property of a corporation:

   (a)  to act with an existing controller of property of the corporation; or

   (b)  in place of a controller of such property who has died or ceased to be
        a controller of such property.

"(6A) However, if subsection (2) applies in a case where a controller of
property of a corporation dies, or ceases to be a controller of property of
the corporation, before subsection (2) is fully complied with, then:

   (a)  the references in paragraphs (2)(b) and (c) to the person; and

   (b)  the references in subsections (3) and (4) to the controller; include
        references to the controller's successor and to any continuing
        controller.";

        (i)    by omitting from subsection (7) "and section 430 apply even if
               the receiver" and substituting "(including subsection (6A)) and
               section 430 apply even if the controller".