Corporations (Aboriginal and Torres Strait Islander) Act 2006
View history note
Hide history noteThe Corporations Act insolvent trading and creditor-defeating disposition provisions apply to an Aboriginal and Torres Strait Islander corporation as if the following substitutions were made:
| Substitutions to be made | ||
| Item | For a reference to … | substitute a reference to … |
| 1 | a company | an Aboriginal and Torres Strait Islander corporation |
| 2 | a dividend | any distribution by the corporation to its members (whether of capital or income) |
| 3 | civil penalty order | civil penalty order (within the meaning of this Act) |
| 4 | civil penalty provision | civil penalty provision (within the meaning of this Act) |
Note:
Although section 526-35 applies the provisions of Part 5.7B to the winding up of an Aboriginal and Torres Strait Islander corporation, the insolvent trading and creditor-defeating disposition provisions are capable of applying independently of there being a winding up. This section ensures, for example, that a director of an Aboriginal and Torres Strait Islander corporation commits an offence if the corporation trades while insolvent (regardless of whether winding up proceedings are ever commenced).
531-1(2)
This section has effect without limiting section 526-35 .
531-1(3)
In this Act:
Corporations Act insolvent trading and creditor-defeating disposition provisions
means:
(a) Divisions 3 , 4 , 5 and 6 of Part 5.7B of the Corporations Act; and
(b) the other provisions of that Act (including Parts 1.2 and 9.4 and Schedule 3 but not including Parts 1.1 , 1.1A and 9.4A ) to the extent to which they relate to the operation of the Divisions referred to in paragraph (a); and
(c) the regulations made under that Act for the purposes of the Divisions of that Act referred to in paragraph (a) and the provisions referred to in paragraph (b).
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