Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 11 - EXTERNAL ADMINISTRATION  

PART 11-2 - SPECIAL ADMINISTRATION  

Division 487 - Special administration of Aboriginal and Torres Strait Islander corporation  

SECTION 487-1   REGISTRAR MAY PUT ABORIGINAL AND TORRES STRAIT ISLANDER CORPORATION UNDER SPECIAL ADMINISTRATION  

487-1(1)    
The Registrar may determine, in writing, that an Aboriginal and Torres Strait Islander corporation is to be under special administration for the period specified in the determination.

487-1(2)    
A determination under subsection (1) is not a legislative instrument.

487-1(3)    
The Registrar:

(a)    must not make a determination under subsection (1) if:

(i) the corporation is being wound up; or

(ii) a liquidator of the corporation has been appointed; and

(b)    

may make a determination under subsection (1) even if the corporation is:

(i) being administered under Part 5.3A of the Corporations Act (as applied by section 521-1 of this Act); or

(ii) under restructuring under Part 5.3B of the Corporations Act (as applied by section 522-1 of this Act).

487-1(4)    
The Registrar may make a determination under subsection (1) only if the Registrar is satisfied that at least one of the grounds set out in section 487-5 is satisfied.

487-1(5)    
The Registrar must make a determination under subsection (1) in accordance with section 487-10 .