Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 420A

Controller's duty of care in exercising power of sale

             (1)  In exercising a power of sale in respect of property of a corporation, a controller must take all reasonable care to sell the property for:

                     (a)  if, when it is sold, it has a market value--not less than that market value; or

                     (b)  otherwise--the best price that is reasonably obtainable, having regard to the circumstances existing when the property is sold.

             (2)  Nothing in subsection (1) limits the generality of anything in section 180, 181, 182, 183 or 184.



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