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 6 - Proof and ranking of claims

Subdivision D - Priorities

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History

Heading inserted by No 210 of 1992, s 94 (effective 23 June 1993).

SECTION 563AAA   REDEMPTION OF DEBENTURES  

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563AAA(1)  Priorities.  

Debentures of a company under a trust deed that are issued in place of debentures under that deed that have been redeemed have the priority that the redeemed debentures would have had if they had never been redeemed.

563AAA(2)  Deposit of debentures to secure advance.  

Debentures of a company are not to be taken to be redeemed merely because:

(a)  the debentures secure advances on current account or otherwise; and

(b)  the company's account ceases to be in debit while those debentures remain available.

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History

S 563AAA inserted by No 156 of 1999, Sch 3, Pt 2 (effective 13 March 2000).

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