THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT

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Division 1A - Effect of winding up order

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SECTION 471A   POWERS OF OTHER OFFICERS SUSPENDED DURING WINDING UP  

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471A(1)  [Winding up in insolvency or by Court]  

While a company is being wound up in insolvency or by the Court, a person cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except:

(a)  as a liquidator appointed for the purposes of the winding up; or

(b)  as an administrator appointed for the purposes of an administration of the company beginning after the winding up order was made; or

(c)  with the liquidator's written approval; or

(d)  with the approval of the Court.

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471A(2)  [Provisional liquidator]  

While a provisional liquidator of a company is acting, a person cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except:

(a)  as a provisional liquidator of the company; or

(b)  as an administrator appointed for the purposes of an administration of the company beginning after the provisional liquidator was appointed; or

(c)  with the provisional liquidator's written approval; or

(d)  with the approval of the Court.

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471A(3)  [Officer not removed from office]  

This section does not remove an officer of a company from office.

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471A(4)  [Who is not an officer]  

For the purposes of this section, a person is not an officer of a company merely because he or she is:

(a)  a receiver and manager, appointed under a power contained in an instrument, of property of the company; or

(b)  an employee of the company.

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