THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.2 - REGISTRATION OF AUDITORS AND LIQUIDATORS

Division 2 - Registration

SECTION 1284   SECURITY TO BE GIVEN BY LIQUIDATORS  

1284(1)  [Security to be lodged]  

Where the Commission grants an application by a person for registration as a liquidator or as a liquidator of a specified body corporate, the person shall lodge and maintain with the Commission a security for the due performance of his or her duties as such a liquidator in such form and for such amount as is, from time to time, determined by the Commission in relation to that liquidator and with such surety or sureties (if any) as the Commission, from time to time, requires.

1284(2)  [Application of security]  

Where a security is lodged in accordance with subsection (1), the security may be applied by the Commission in such circumstances, for such purposes and in such manner as is prescribed.

1284(3)  [Contents of regulations]  

The regulations may make provision in relation to:

(a)  the discharge in whole or part by the Commission of securities lodged under this section; and

(b)  the release by the Commission of sureties referred to in subsection (1) from all or any of their obligations as such sureties.