Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 11
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EXTERNAL ADMINISTRATION
PART 11-2
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SPECIAL ADMINISTRATION
Division 496
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Effect of appointment of special administrator on officers of the corporation
SECTION 496-1
GENERAL RULE THAT OFFICES OF DIRECTORS AND SECRETARY VACATED WHEN SPECIAL ADMINISTRATOR APPOINTED
496-1(1)
Subject to section 496-5 , the following offices become vacant on the appointment of a special administrator for an Aboriginal and Torres Strait Islander corporation: (a) the office of each director of the corporation; (b) the office of each secretary (if any) of the corporation.
496-1(2)
Subsection (1) applies even if the special administrator is appointed to replace another special administrator for the corporation.
Subject to section 496-5 , the following offices become vacant on the appointment of a special administrator for an Aboriginal and Torres Strait Islander corporation: (a) the office of each director of the corporation; (b) the office of each secretary (if any) of the corporation.
496-1(2)
Subsection (1) applies even if the special administrator is appointed to replace another special administrator for the corporation.
Note:
This subsection has the effect that if a special administrator is appointed and the Registrar determines, as part of that appointment, that the offices of the corporation ' s officers are not to be vacated, the subsequent appointment of a replacement special administrator will automatically vacate those offices unless a fresh determination is made under section 496-5 in relation to the new appointment.
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