Company Law Review Act 1998 (61 of 1998)

Schedule 2   Consequential amendment of the Corporations Law

Part 6   Deregistration of companies (new Chapter 5A)

401   Subsection 589(3)

Repeal the subsection, substitute:

(3) For the purposes of this Part, a company is taken to have ceased to carry on business only if:

(a) the ASC has published in the Gazette a notice of the proposed deregistration of the company under subsection 601AA(4) or 601AB(3); and

(b) if the notice was published under subsection 601AA(4) or under subsection 601AB(3) because of a decision under subsection 601AB(1) - 2 months have passed since the notice was published and the ASC has not been informed that the company is carrying on business.