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CORPORATIONS ACT 2001 - SECT 1557

Current conditions for old Act registrants--undertakings under the old Act

Undertakings under the old Act

             (1)  If:

                     (a)  an old Act registrant was required to give an undertaking under paragraph 1292(9)(b) or (c) of the old Act; and

                     (b)  that requirement is still in force immediately before the commencement day;

it is a condition of the old Act registrant's registration under the Insolvency Practice Schedule (Corporations) that he or she gives and complies with the undertaking.

             (2)  A condition imposed under subsection (1) is a current condition imposed on the old Act registrant.

Varying etc. conditions of registration

             (3)  Subdivision C of Division 20 of the Insolvency Practice Schedule (Corporations) applies to a condition imposed under subsection (1) in the same way as it applies to a condition imposed by a committee under the Insolvency Practice Schedule (Corporations).



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