THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT

Division 10 - Execution and effect of deed of company arrangement

SECTION 444B   EXECUTION OF DEED  

444B(1)  [Where deed prepared]  

This section applies where an instrument is prepared under section 444A.

444B(2)  [When deed to be executed]  

The company must execute the instrument within:

(a)  21 days after the end of the meeting of creditors; or

(b)  such further period as the Court allows on an application made within those 21 days.

444B(3)  [Board may authorise execution]  

The board of the company may, by resolution, authorise the instrument to be executed by or on behalf of the company.

444B(4)  [Sec 437C]  

Subsection (3) has effect despite section 437C, but does not limit the functions and powers of the administrator of the company.

444B(5)  [Administrator to execute deed]  

The administrator of the deed must execute the instrument before, or as soon as practicable after, the company executes it.

444B(6)  [When deed becomes deed of company arrangement]  

When executed by both the company and the deed's administrator, the instrument becomes a deed of company arrangement.

444B(7)  [Contravention by company]  

Division 12 provides for consequences of the company contravening subsection (2).