Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 348C

ASIC may require a solvency resolution and statement

             (1)  ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection (2) or subsection (3). The company may choose which subsection to comply with.

Note:          This section does not apply to CCIVs: see subsection 1232U(2).

             (2)  The company complies with this subsection if:

                     (a)  before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and

                     (b)  the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution.

             (3)  The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section 347A in respect of the company's most recent review date.



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