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CORPORATIONS ACT 2001 - SECT 1611

Validity of appointment under section 548 of the old Act not affected by lack of separate meeting of contributories

  (1)   The appointment of a committee of inspection under section   548 of the old Act before the commencement day is not invalid merely because a separate meeting of contributories was not convened for the purposes of determining:

  (a)   whether a committee of inspection should be appointed; and

  (b)   where a committee of inspection is to be appointed:

  (i)   the numbers of members to represent the creditors and the contributories, respectively; and

  (ii)   the persons who are to be members of the committee representing creditors and contributories, respectively.

  (2)   However, if:

  (a)   a debt or claim has been paid in the winding up of a company before the commencement day; and

  (b)   the priority given to the debt or claim was determined under section   556 of the Corporations Act 2001 on the basis that a committee of inspection was not validly appointed because a separate meeting of contributories was not convened for the purposes mentioned in paragraphs   (1)(a) and (b); and

  (c)   but for subsection   (1), the committee of inspection would not have been validly appointed;

the priority of the payment is not affected by subsection   (1).


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