Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 347A

Directors must pass a solvency resolution after each review date

             (1)  The directors of a company must pass a solvency resolution within 2 months after each review date for the company.

             (2)  Subsection (1) does not apply to the directors of a company that has lodged a financial report with ASIC under Chapter 2M within the period of 12 months before the review date.

Note:          The defendant bears an evidential burden in relation to the matter in subsection (2). See subsection 13.3(3) of the Criminal Code .

             (3)  An offence based on subsection (1) is an offence of strict liability.



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