Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 437C

Powers of other officers suspended

(1) While a company is under administration, a person (other than the administrator) cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except with the administrator's written approval. (2) Subsection (1) does not remove an officer of a company from his or her office. (3) Section 437D does not limit the generality of subsection (1) of this section. (4) In this section:

"officer", in relation to a company under administration, includes:

(a)
a receiver who is not also a manager; and

(b)
a receiver and manager appointed by a court; and

(c)
a liquidator or provisional liquidator appointed by the Court before the administration began.

(5) However, a person is not an officer of a company for the purposes of this section merely because he or she is an employee of the company.


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