Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 422

(1)

If it appears to the receiver of property of a corporation that:

(a)

a past or present officer, or a member, of the corporation may have been guilty of an offence in relation to the corporation; or

(b)

a person who has taken part in the formation, promotion, administration, management or winding up of the corporation:

(i)

may have misapplied or retained, or may have become liable or accountable for, any money or property (whether the property is within or outside Australia) of the corporation; or

(ii)

may have been guilty of any negligence, default, breach of duty or breach of trust in relation to the corporation;

the receiver shall:

(c)

lodge as soon as practicable a report about the matter; and

(d)

give to the Commission such information, and such access to and facilities for inspecting and taking copies of any documents, as the Commission requires.

(2)

The receiver may also lodge further reports specifying any other matter that, in the receiver's opinion, it is desirable to bring to the notice of the Commission.

(3)

If it appears to the Court:

(a)

that a past or present officer, or a member, of a corporation in respect of property of which a receiver has been appointed has been guilty of an offence under a law referred to in paragraph (1)(a) in relation to the corporation; or

(b)

that a person who has taken part in the formation, promotion, administration, management or winding up of a corporation in respect of property of which a receiver has been appointed has engaged in conduct referred to in paragraph (1)(b) in relation to the corporation;

and that the receiver has not lodged a report about the matter, the Court may, on the application of a person interested in the appointment of the receiver or of its own motion, direct the receiver to lodge such a report.