THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 5 - Committees of inspection

SECTION 551   MEMBER OF COMMITTEE NOT TO ACCEPT EXTRA BENEFIT  

551(1)  [Member not to accept extra benefit]  

A member of a committee of inspection shall not, while acting as such a member, except as provided by this Law or with the leave of the Court:

(a)  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;

(b)  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

(c)  directly or indirectly become the purchaser of any property of the company.

551(2)  [Transaction may be set aside]  

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.