Queensland Consolidated Acts

PROPERTY LAW ACT 1974 - SECT 226

226 Corporation incapable of acting

(1) Where, because of the death or incapacity (whether before or after the commencement of this Act) of any 1 or more of the officers or members of a corporation or for any other reason, the corporation ceases to be capable of acting—

(a) either generally or in respect of a particular transaction or transactions; and

(b) either temporarily or for an indefinite or any lesser period;

the court may, on the application of any officer or member of the corporation or the personal representative of such member or of any creditor or person having or appearing to have any claim against the corporation, appoint an administrator.

(2) The court may in its discretion appoint any administrator for an indefinite period or for a fixed period or until the happening of any specified event and on such terms and conditions as to remuneration out of the assets of the corporation and otherwise as it thinks fit.

(3) Unless the court otherwise directs, the administrator shall, to the exclusion of the corporation and any officer or member of the corporation, have authority to and may exercise all the powers of the corporation subject to such terms and conditions (if any) as the court sees fit to impose.

(4) Unless the court otherwise directs, the administrator may delegate any of the powers exercisable by the administrator.

(5) The court may in its discretion on the application of the administrator or of any person referred to in subsection (1) —

(a) give to the administrator directions—

(i) as to the exercise of any of the powers exercisable by the administrator; and

(ii) as to any question or matter arising in or with respect to the affairs of the corporation; or

(b) remove or replace the administrator.

(6) On any application under this section the court may make such order for the payment of costs as it thinks fit.

(7) This section applies to any corporation, whether a corporation aggregate or corporation sole—

(a) incorporated under the Associations Incorporation Act 1981 ; or

(b) incorporated or registered under the Corporations Act; or

(c) constituted under any other Act.

(8) Where an order is made under this section for the appointment, removal or replacement of an administrator in relation to a company incorporated or registered under the Corporations Act the order shall not take effect until the lodgment within 7 days of the making of the order, or such longer period as the court may allow, of an office copy of the order with the Australian Securities and Investments Commission.