Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 69

69. Section 472 of the Corporations Law is amended by adding at the end the
following subsections:

"(4) A liquidator of a company appointed provisionally also has:

   (a)  power to carry on the company's business; and

   (b)  the powers that a liquidator of the company would have under paragraph
        477(1)(d), subsection 477(2) (except paragraph 477(2)(m)) and
        subsection 477(3) if the company were being wound up in insolvency or
        by the Court.

"(5) Subsections 477(2A) and (2B) apply in relation to a company's provisional
liquidator, with such modifications (if any) as the circumstances require, as
if he or she were a liquidator appointed for the purposes of a winding up in
insolvency or by the Court.

"(6) The exercise by a company's provisional liquidator of the powers
conferred by subsection (4) is subject to the control of the Court, and a
creditor or contributory, or the Commission, may apply to the Court in
relation to the exercise or proposed exercise of any of those powers.".