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 551 MEMBER OF COMMITTEE NOT TO ACCEPT EXTRA BENEFIT

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551(1) [Member not to accept extra benefit]

A member of a committee of inspection shall not, while acting as such a member, except as provided by this Law or with the leave of the Court:

(a) make an arrangement for receiving, or accept, from the company or any other person, in connection with the winding up, a gift, remuneration or pecuniary or other consideration or benefit;

(b) directly or indirectly derive any profit or advantage from a transaction, sale or purchase for or on account of the company or any gift, profit or advantage from a creditor; or

(c) directly or indirectly become the purchaser of any property of the company.

551(2) [Transaction may be set aside]

A transaction entered into in contravention of subsection (1) may be set aside by the Court on the application of a creditor or member of the company.

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