Commonwealth Consolidated Acts

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Court power to grant leave

             (1)  A person who is disqualified from managing corporations may apply to the Court for leave to manage:

                     (a)  corporations; or

                     (b)  a particular class of corporations; or

                     (c)  a particular corporation;

if the person was not disqualified by ASIC.

             (2)  The person must lodge a notice with ASIC at least 21 days before commencing the proceedings. The notice must be in the prescribed form.

             (3)  The order granting leave may be expressed to be subject to exceptions and conditions determined by the Court.

Note:          If the Court grants the person leave to manage the corporation, the person may be appointed as a director (see section 201B) or secretary (see section 204B) of a company.

             (4)  The person must lodge with ASIC a copy of any order granting leave within 14 days after the order is made.

             (5)  On application by ASIC, the Court may revoke the leave. The order revoking leave does not take effect until it is served on the person.

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