Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 81

81. Section 496 of the Corporations Law is amended by omitting from subsection
(1) "shall as soon as practicable convene a meeting of the creditors." and
substituting the following:

"must do one of the following as soon as practicable:

   (a)  apply under section 459P for the company to be wound up in insolvency;

   (b)  appoint an administrator of the company under section 436B;

   (c)  convene a meeting of the company's creditors; and if he or she
        convenes such a meeting, the following subsections apply.".