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 508
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Transition to normal control of the corporation
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s affairs at end of special administration
SECTION 508-1
SPECIAL ADMINISTRATOR TO ENSURE THAT THERE WILL BE DIRECTORS WHEN CORPORATION CEASES TO BE UNDER SPECIAL ADMINISTRATION
508-1(1)
The special administrator for an Aboriginal and Torres Strait Islander corporation must ensure that, immediately after the special administration of the corporation ends, there will be: (a) directors of the corporation who can assume control of the corporation ' s affairs; and (b) a secretary for the corporation if it is registered as a large corporation; and (c) a contact person for the corporation if it is registered as a small or medium corporation.(a) the offices of the directors may not have been vacated when the special administrator was appointed and some or all of those directors may remain in office at the end of the special administration; or
(b) the special administrator may have exercised his or her power to appoint directors under subsection
499-5(3)
and some or all of the appointees may remain in office at the end of the special administration; or
(c) persons may, at a general meeting of the members of the corporation called by the special administrator under section
508-5
, have been elected as directors to assume control of the corporation
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s affairs when the special administration ends.
508-1(2)
Subsection (1) does not apply if: (a) the corporation is to cease to be under special administration because a liquidator for the corporation is appointed; or (b) the corporation is to cease to be under special administration so that an administrator may be appointed, or may resume exercising powers, under the Corporations Act administration provisions (as applied by section 521-1 of this Act).
The special administrator for an Aboriginal and Torres Strait Islander corporation must ensure that, immediately after the special administration of the corporation ends, there will be: (a) directors of the corporation who can assume control of the corporation ' s affairs; and (b) a secretary for the corporation if it is registered as a large corporation; and (c) a contact person for the corporation if it is registered as a small or medium corporation.
Note:
There are a number of different ways in which there can be directors who can assume control of the corporation ' s affairs when the special administration ends. For example:
508-1(2)
Subsection (1) does not apply if: (a) the corporation is to cease to be under special administration because a liquidator for the corporation is appointed; or (b) the corporation is to cease to be under special administration so that an administrator may be appointed, or may resume exercising powers, under the Corporations Act administration provisions (as applied by section 521-1 of this Act).
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