Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SCHEDULE 1

                                SCHEDULE 1            Section 123

AMENDMENTS OF THE CORPORATIONS LAW CONSEQUENT ON
PART 4 OF THIS ACT Paragraph 67(4)(e):
Omit the paragraph, substitute:

"(e) as an administrator of a body corporate; or

   (ea) as an administrator of a deed of company arrangement executed by a
        body corporate;". Paragraph 68(2)(f):
Omit the paragraph, substitute:

"(f) as an administrator of a body corporate; or

   (fa) as an administrator of a deed of company arrangement executed by a
        body corporate; or". Paragraph 206QB(3)(d):
Omit the paragraph, substitute:

"(d) an administrator of the company is appointed under section 436A, 436B or
436C.". Paragraph 206QC(1)(a):
Omit the paragraph, substitute:

"(a) on a particular day:

        (i)    a court orders that a company be wound up; or

        (ii)   a company resolves that it be wound up; or

        (iii)  a company is placed under official management; or

        (iv)   an administrator of a company is appointed under section 436A,
               436B or 436C; and". Subparagraphs 206QC(1)(b)(i) and (ii):
Omit the subparagraphs, substitute:

"(i) if subparagraph (a)(i) or (ii) applies - the day when the winding up is
taken to have begun; or

   (ia) if subparagraph (a)(iii) applies - the day when the official
        management began; or

   (ib) if subparagraph (a)(iv) applies - the section 513C day in relation to
        the administration; or

   (ii) if the company was insolvent throughout a period ending immediately
        before the day referred to in subparagraph (i), (ia) or (ib), as the
        case requires - the day when the company last ceased, before the day
        so referred to, to be solvent;". Paragraph 206QC(1)(c):
Omit "that", substitute "those". Paragraph 206RB(1)(c):
Omit the paragraph, substitute:

"(c) the company is under administration; or

   (ca) a deed of company arrangement executed by the company has not yet
        terminated; or". Subsection 206RC(3):
Omit "section 553 or 554", substitute "Subdivision A, B or C of Division 6 of
Part 5.6". Subsection 230(6) (paragraph (a) of the definition of "prescribed
person"):
Omit the paragraph, substitute:

"(a) a liquidator or provisional liquidator of the body corporate;

   (ba) an administrator of the body corporate;

   (bb) an administrator of a deed of company arrangement executed by the body
        corporate;". Subsection 241(4) (paragraph (c) of the definition of
        "officer"):
Omit the paragraph, substitute:

"(c) an administrator of the company;

   (ca) an administrator of a deed of company arrangement executed by the
        company;". Paragraphs 266(1)(b) and (3)(b):
Omit the paragraphs, substitute in each case:

"(b) an administrator of a company is appointed under section 436A, 436B or
436C; or

   (ba) a company executes a deed of company arrangement;". Subsection 266(1):
Omit "or official manager,", substitute ", the administrator of the company,
or the deed's administrator,". Subparagraphs 266(1)(c)(ii) and (3)(c)(ii):
Omit "commencement of the winding up or the appointment of the official
manager, as the case may be;", substitute "critical day;". Paragraphs
266(1)(d), (e) and (f):
Omit "commencement of the winding up or at the time of the appointment
referred to in paragraph (b)", substitute "start of the critical day".
Paragraph 266(3)(d):
Omit "commencement of the winding up or at the time of the appointment of the
official manager", substitute "start of the critical day". Subsection 266(5):
Omit "official manager of the company, notwithstanding that", substitute
"administrator of the company, or an administrator of a deed of company
arrangement executed by the company, even if ". Paragraph 266(6)(a):
Add at the end "or". Paragraph 266(6)(c):
Omit the paragraph, substitute:

"(c) an administrator of the company being appointed under section 436A, 436B
or 436C; or

   (d)  the company executing a deed of company arrangement.". Subsection
        266(7):
Omit "and (c)", substitute ", (c) and (d)". Section 266:
Add at the end:

"(8) In this section:
'critical day', in relation to a company, means:

   (a)  if the company is being wound up - the day when the winding up began;
        or

   (b)  if the company is under administration - the section 513C day in
        relation to the administration; or

   (c)  if the company has executed a deed of company arrangement - the
        section 513C day in relation to the administration that ended when the
        deed was executed.". Subsections 493(1) and (2):
Omit "commencement of the winding up", substitute "passing of the resolution".
Subsection 500(1):
Omit "a company after the commencement of a creditors' voluntary winding up",
substitute "the company after the passing of the resolution for voluntary
winding up". Subsection 500(2):
Omit "commencement of a creditors' voluntary winding up of a company,",
substitute "passing of the resolution for voluntary winding up,". Paragraph
585(a):
Omit "$1000", substitute "the statutory minimum". Paragraph 599(1)(c):
Omit the paragraph, substitute:

"(c) that has been or is under administration;

   (ca) that has executed a deed of company arrangement, even if the deed has
        terminated;". Paragraph 599(3)(c):
Omit "official management,", substitute "administration, having executed a
deed of company arrangement,". Section 603 (paragraph (k) of the definition of
"prescribed occurrence"):
Omit the paragraph, substitute:

"(k) an administrator of the target company, or of a subsidiary, being
appointed under section 436A, 436B or 436C;

   (l)  the target company or a subsidiary executing a deed of company
        arrangement; or". Paragraphs 647(2)(b) and 683(2)(b):
Omit the paragraphs, substitute in each case:

"(b) if the company is being wound up or is under administration - be signed
by the liquidator or administrator, as the case may be; or

   (c)  if the company has executed a deed of company arrangement that has not
        yet terminated - be signed by the deed's administrator.". Paragraph
        684(4)(a):
Omit the paragraph, substitute:

"(a) an administrator of that body corporate, or, if there are 2 or more
bodies corporate, of either or any of them, is appointed under section 436A,
436B or 436C;". Subsection 684(4):
Omit "body corporate was placed under official management,", substitute
"administrator was so appointed,". Section 750 (paragraph (1)(a) in Part B and
paragraph (1)(a) in Part D):
Omit everything before subparagraph (i), substitute:

"(a) unless paragraph (b) applies - in relation to each director of the target
company:". Section 750 (paragraph (1)(b) in Part B):
Omit the paragraph, substitute:

"(b) if the target company is being wound up, is under administration, or has
executed a deed of company arrangement that has not yet terminated - in
relation to each liquidator, each administrator of the company, or each
administrator of the deed, as the case may be:

        (i)    if he or she wants to make, and thinks himself or herself
               justified in making, a recommendation in relation to the offers
               - whether he or she recommends the acceptance of offers made or
               to be made by the offerer or recommends against acceptance, and
               why he or she so recommends; or

        (ii)   otherwise - that he or she does not want to make, or does not
               think himself or herself justified in making, a recommendation,
               and why not.". Section 750 (paragraph (13)(b) in Part B):
Omit the paragraph, substitute:

"(b) in the case of a Part B statement that is signed as mentioned in
paragraph 647(2)(b) or (c) - any liquidator or administrator of the company,
or any administrator of the deed of company arrangement, as the case may be;".
Section 750 (paragraph (1)(b) in Part D):
Omit the paragraph, substitute:

"(b) if the target company is being wound up, is under administration, or has
executed a deed of company arrangement that has not yet terminated - in
relation to each liquidator, each administrator of the company, or each
administrator of the deed, as the case may be:

        (i)    if he or she wants to make, and thinks himself or herself
               justified in making, a recommendation in relation to the offers
               - whether he or she recommends the acceptance of offers under
               the takeover announcement or recommends against acceptance, and
               why he or she so recommends; or

        (ii)   otherwise - that he or she does not want to make, or does not
               think himself or herself justified in making, a recommendation,
               and why not.". Section 750 (paragraph (12)(b) in Part D):
Omit the paragraph, substitute:

"(b) in the case of a Part D statement that is signed as mentioned in
paragraph 683(2)(b) or (c) - any liquidator or administrator of the company,
or any administrator of the deed of company arrangement, as the case may be;".
Before paragraph 922(1)(a):
Insert:

"(aa) an administrator of the body corporate is appointed under section 436A,
436B or 436C;". Paragraph 922(1)(a):
Omit ", comes under official management". Paragraph 922(1)(c):
After "creditors" insert "or a class of them". Paragraph 1058(11)(a):
Omit the paragraph, substitute:

"(a) it is under administration or being wound up; or". Paragraph 1252(2)(c):
Omit the paragraph, substitute:

"(c) an administrator of the body corporate;

   (ca) an administrator of a deed of company arrangement executed by the body
        corporate;". Subparagraph 1274(2)(a)(iv):
After "422," insert "438D,". Paragraph 1317C(f):
Omit the paragraph, substitute:

"(f) a decision to apply under section 596A or 596B for the Court to summon a
person for examination about a corporation's examinable affairs; or

   (g)  a decision to apply under section 597A for the Court to require a
        person to file an affidavit about a corporation's examinable
        affairs.". Paragraph 1318(5)(c):

"(c) an administrator of the corporation;

   (ca) an administrator of a deed of company arrangement executed by the
        corporation;". Paragraph 1321(c):
Omit the paragraph, substitute:

"(c) an administrator of a company;

   (ca) an administrator of a deed of company arrangement executed by a
        company; or".