New South Wales Consolidated Acts

JAMES HARDIE FORMER SUBSIDIARIES (WINDING UP AND ADMINISTRATION) ACT 2005

- As at 14 July 2023 
- Act 105 of 2005 

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

   1.      Name of Act
   2.      Commencement
   3.      Principal objects of Act
   4.      Definitions
   4A.     Meaning of "small claim"
   5.      Extraterritorial operation of Act
   6.      Construction of legislation so as not to exceed legislative power
   7.      Act to bind State and other jurisdictions

   PART 2 - ESTABLISHMENT OF SPF

   8.      SPF may be treated as charitable trust
   9.      Application of law of charitable trusts to SPF
   10.     Part does not alter law of charitable trusts generally

   PART 3 - LIMITATIONS ON CORPORATE RESTRUCTURING

           Division 1 - Interpretation

   11.     Definitions

           Division 2 - Registered offices and Member Registers

   12.     Registered offices to be within the State
   13.     Member Register to be within the State
   14.     Orders to relocate registered office or Member Register to the State

           Division 3 - Transfers of shares by relevant companies

   15.     Certain transfers of shares in liable entities prohibited
   16.     Orders requiring transfer of shares in liable entities

           Division 4 - Directors of relevant companies

   17.     Minister may order directors of relevant companies to vacate office

           Division 5 - Expiry of Part

   18.     When Part expires

           Division 6 - Displacement of Corporations legislation

   19.     Displacement of certain provisions of Corporations legislation

   PART 4 - WINDING UP OF LIABLE ENTITIES

           Division 1 - General

   20.     Winding up period
   21.     Winding up under this Part

           Division 2 - Management of liable entities

   22.     Management during winding up period
   23.     Conduct of business during winding up period
   24.     Directions from SPF trustee
   25.     SPF trustee to provide management services
   26.     Notification that liable entity under NSW administered winding up
   27.     Liable entity may continue to trade while insolvent
   28.     Deregistration of liable entities

           Division 3 - Accounts

   29.     Funds to be paid into special accounts

           Division 4 - Insurance

   30.     Entitlements to proceeds of contracts of insurance

           Division 4A - Authorised loan facility

   30A.    Agreements concerning provision of loan facility

           Division 5 - Making and payment of claims

   31.     Claims that may be made during the winding up period
   32.     Kinds of claims that are payable
   33.     Determination of whether sufficient funds
   34.     Payments during period of sufficient funds
   35.     SPF trustee may apply to Supreme Court to secure continuing funding of claims
   36.     Payments made by SPF trustee directly to claimants

           Division 6 - Reporting requirements, information and assistance

   37.     Winding up accounts
   38.     Inspection of books
   39.     Assistance from officers of liable entity
   40.     Minister may exercise SPF trustee's functions under the Division
   41.     Reports to Minister

           Division 7 - Removal of directors of liable entities

   42.     Supreme Court may order removal of directors

           Division 8 - Completion of winding up

   43.     Interpretation
   44.     Duty of SPF trustee after finalisation day
   45.     Powers of SPF trustee after finalisation day
   46.     Date for proof of claims
   47.     Proof of claims
   48.     Formal proof of claims
   49.     Costs of proof
   50.     Priority payments
   51.     Orders
   52.     Deregistration of liable entity

           Division 9 - Enforcement

   53.     Meaning of "authorised applicant"
   54.     Enforcement of provisions of this Part
   55.     Advice or directions concerning provisions of this Part
   56.     Supreme Court may request non-NSW court or tribunal to act in its aid
   57.     Notice requirement for certain proceedings
   58.     Right of Minister to intervene in proceedings
   59.     Protection for exercise of certain functions during winding up period

           Division 10 - Displacement of Corporations legislation

   60.     Displacement of certain provisions of the Corporations Act

   PART 5 - MISCELLANEOUS

   61.     Holder of office not affected by appointment as director of SPF trustee
   62.     This Act does not create liability for personal asbestos claims
   63.     Exemption from State tax
   64.     Tabling of copies of Final Funding Agreement and Related Agreements
   64A.    Tabling of copies of relevant loan facility agreements
   65.     Delegation
   66.     Service of documents
   67.     Offences by corporations
   68.     Nature of proceedings for offences
   69.     Regulations
   70.     Repeal of James Hardie Former Subsidiaries (Special Provisions) Act 2005
   71.     Savings, transitional and other provisions
   72.     (Repealed)
           SCHEDULE 1
           Schedule 2 (Repealed)