Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 82

82. Section 506 of the Corporations Law is amended:

   (a)  by omitting paragraphs (1)(a) and (b) and substituting the following
        paragraph:

"(b) exercise any of the powers that this Law confers on a liquidator in a
winding up in insolvency or by the Court;";

   (b)  by omitting paragraph (1)(d) and substituting the following paragraph:

"(d) exercise the Court's powers under subsection 483(3) (except paragraph
483(3)(b)) in relation to calls on contributories;";

   (c)  by inserting after subsection (1) the following subsection:

"(1A) Subsections 477(2A) and (2B) apply in relation to the liquidator as if:

   (a)  he or she were a liquidator in a winding up in insolvency or by the
        Court; and

   (b)  in the case of a members' voluntary winding up - a reference in those
        subsections to an approval were a reference to the approval of a
        special resolution of the company.".