Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 452

452. (1) This section applies where a company is under official management.

(2) A sum due to a member in that capacity, whether by way of dividends,
profits or otherwise, shall not be treated as a debt of the company payable to
that member in the case of competition between the member and a creditor who
is not a member, but may be taken into account for the purpose of the final
adjustment of the rights of the members among themselves.

(3) The Court may make such order for inspection of the books of the company
by creditors and members as the Court thinks just, and any books in the
possession, or in the custody or under the control, of the company may be
inspected by creditors or members accordingly, but not further or otherwise.

(4) Sections 533, 534, 535 and 536 apply in relation to the company as if:

   (a)  the company were being wound up;

   (b)  a reference in any of those provisions to the liquidator of the
        company were a reference to the official manager of the company;

   (c)  a reference in any of those provisions to contributories were a
        reference to members of the company; and

   (d)  the reference in subsection 534 (1) to a report lodged under section 
        533 were a reference to a report lodged under that section as applied
        by virtue of this subsection.