THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS

SECTION 418   PERSONS NOT TO ACT AS RECEIVERS  

418(1)  [Persons not qualified]  

A person is not qualified to be appointed, and shall not act, as receiver of property of a corporation if the person:

(a)  is a mortgagee of property of the corporation;

(b)  is an auditor or an officer of the corporation;

(c)  is an officer of a body corporate that is a mortgagee of property of the corporation;

(d)  is not a registered liquidator;

(e)  is an officer of a body corporate related to the corporation; or

(f)  unless the Commission directs in writing that this paragraph does not apply in relation to the person in relation to the corporation - has at any time within the last 12 months been an officer or promoter of the corporation or of a related body corporate.

418(2)  [``Officer'']  

In subsection (1):

``officer'' , in relation to a body corporate, does not include a receiver, appointed under an instrument whether before or after the commencement of this section, of property of the body.

418(3)  [Authorised corporations]  

Paragraph (1)(d) does not apply in relation to a body corporate authorised by or under a law of the Commonwealth, of a State or of a Territory to act as receiver of property of the corporation concerned.

418(4)  (Repealed by No 61 of 1998, Sch 2, Pt 1 (effective 1 July 1998).)