THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 2D - OFFICERS AND EMPLOYEES

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History

Chapter 2D substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 2D.1 - DUTIES AND POWERS

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History

Part 2D.1 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

Division 4 - Powers

SECTION 198E   SINGLE DIRECTOR/SHAREHOLDER PROPRIETARY COMPANIES  

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198E(1)  Powers of director.  

The director of a proprietary company who is its only director and only shareholder may exercise all the powers of the company except any powers that this Law or the company's constitution (if any) requires the company to exercise in general meeting. The business of the company is to be managed by or under the direction of the director.

Note:

For example, the director may issue shares, borrow money and issue debentures.

198E(2)  Negotiable instruments.  

The director of a proprietary company who is its only director and only shareholder may sign, draw, accept, endorse or otherwise execute a negotiable instrument. The director may determine that a negotiable instrument may be signed, drawn, accepted, endorsed or otherwise executed in a different way.

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History

S 198E inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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