(1) A person is not qualified to be appointed, and must not act, as receiver
of property of a corporation if the person:
- (a)
- is a mortgagee of property
of the corporation; or
- (b)
- is an auditor or an officer of the corporation; or
- (c)
- is an officer of a body corporate that is a mortgagee of property of the
corporation; or
- (d)
- is not a registered liquidator; or
- (e)
- is an officer of a body corporate related to the corporation; or
- (f)
- unless ASIC directs in writing that this paragraph does not apply in
relation to the person in relation to the corporation—has at any time
within the last 12 months been an officer or promoter of the corporation or of
a related body corporate.
(2) In subsection (1):
"officer", in relation to a body corporate, does not include a receiver,
appointed under an instrument whether before or after the commencement of
this Act.
(3) Paragraph (1)(d) does not apply in relation to a body corporate
authorised by or under a law of the Commonwealth, of a State or of a Territory
to act as receiver of property of the corporation concerned.
Commonwealth Numbered Acts