Commonwealth Numbered Regulations

1991 No. 218 CORPORATIONS REGULATIONS (AMENDMENT) - REG 3

  3.1   Paragraph 5.6.23 (3) (b):
Omit the paragraph, substitute:

"(b) to treat the liability to him or her on the instrument or security of a
prescribed person as a security in his or her hands; or".
  3.2   Subregulation 5.6.23 (4):
Omit the subregulation, substitute:

"(4) For the purposes of paragraph 5.6.23 (3) (b), a prescribed person is a
person whose liability is referred to in paragraph 5.6.23 (3) (a) who:

   (a)  is liable to the company directly; or

   (b)  may be liable to the company on the default of another person with
        respect to the liability; at the time of voting, but who is not:

   (c)  an insolvent under administration; or

   (d)  a person against whom a winding up order is in force.".