Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 551

Member of committee not to accept extra benefit

(1) A member of a committee of inspection must not, while acting as such a member, except as provided by this Act or with the leave of the Court:

make an arrangement for receiving, or accept, from the company or any other person, in connection with the winding up, a gift, remuneration or pecuniary or other consideration or benefit; or

directly or indirectly derive any profit or advantage from a transaction, sale or purchase for or on account of the company or any gift, profit or advantage from a creditor; or

directly or indirectly become the purchaser of any property of the company.

(2) A transaction entered into in contravention of subsection (1) may be set aside by the Court on the application of a creditor or member of the company.

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