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CORPORATIONS ACT 2001 - SECT 578

When pooling determination comes into force etc.

Pooling determination

             (1)  If:

                     (a)  a pooling determination is made in relation to a group of 2 or more companies; and

                     (b)  meetings are convened under subsection 577(1A) of the eligible unsecured creditors of each company in the group; and

                     (c)  at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section 577, approving the making of the determination;

then:

                     (d)  if all the resolutions were passed at the same time--the determination comes into force immediately after the resolutions were passed; or

                     (e)  if the resolutions were passed at different times--the determination comes into force immediately after the last of those times.

Note:          For eligible unsecured creditor , see section 579Q.

Variation of pooling determination

             (2)  If:

                     (a)  a pooling determination is in force in relation to a group of 2 or more companies; and

                     (b)  the pooling determination is varied; and

                     (c)  meetings are convened under subsection 577(1A) of the eligible unsecured creditors of each company in the group; and

                     (d)  at each meeting, the eligible unsecured creditors pass a resolution, as referred to in section 577, approving the making of the variation;

then:

                     (e)  if all the resolutions were passed at the same time--the variation comes into force immediately after the resolutions were passed; or

                      (f)  if the resolutions were passed at different times--the variation comes into force immediately after the last of those times.

Note:          For eligible unsecured creditor , see section 579Q.



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