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 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 5 - Committees of inspection

SECTION 548 CONVENING OF MEETINGS BY LIQUIDATOR FOR APPOINTMENT OF COMMITTEE OF INSPECTION

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548(1) (Separate meetings of creditors and contributories)

The liquidator of a company shall, if so requested by a creditor or contributory, convene separate meetings of the creditors and contributories for the purpose of determining:

(a) whether a committee of inspection should be appointed; and

(b) where a committee of inspection is to be appointed:

(i) the numbers of members to represent the creditors and the contributories, respectively; and

(ii) the persons who are to be members of the committee representing creditors and contributories, respectively.

548(2) [Court may settle difference]

If there is a difference between the determination of the meeting of creditors and the determination of the meeting of contributories, the Court may resolve the difference and make such order as it thinks proper.

548(3) [Qualifications]

A person is not eligible to be appointed a member of a committee of inspection unless the person is:

(a) in the case of an appointment by creditors of the company:

(i) a creditor of the company;

(ii) the attorney of a creditor of the company by virtue of a general power of attorney given by the creditor; or

(iii) a person authorised in writing by a creditor of the company to be a member of the committee of inspection; or

(b) in the case of an appointment by the contributories of the company:

(i) a contributory of the company;

(ii) the attorney of a contributory of the company by virtue of a general power of attorney given by the contributory; or

(iii) a person authorised in writing by a contributory of the company to be a member of the committee of inspection.

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