Commonwealth Consolidated Acts

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Company may appoint administrator if board thinks it is or will become insolvent

             (1)  A company may, by writing, appoint an administrator of the company if the board has resolved to the effect that:

                     (a)  in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and

                     (b)  an administrator of the company should be appointed.

             (2)  Subsection (1) does not apply to a company if a person holds an appointment as liquidator, or provisional liquidator, of the company.

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