Corporations Act 2001
Note: See section 600K .
PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS Division 65 - Funds handling CLAUSE 65-45 HANDLING OF MONEY AND SECURITIES - COURT DIRECTIONS 65-45(1)The Court may, on application, give directions regarding the payment, deposit or custody of:
(a) money; and
(b) negotiable instruments and other securities;
that are payable to, or held by, an external administrator of a company.
65-45(2)
The Court may, on application, give directions authorising the external administrator of a company to make payments into and out of a special bank account.
65-45(3)
Without limiting subsection (2), the Court may:
(a) authorise the payments for the time and on the terms it thinks fit; and
(b) if the Court thinks the account is no longer required - at any time order it to be closed.
65-45(4)
A copy of an order under paragraph (3)(b) must be served by the external administrator on the bank with which the special bank account was opened.
65-45(5)
An application under this section may be made by:
(a) any person with a financial interest in the external administration of the company; or
(b) an officer of the company.
65-45(6)
Paragraph (5)(b) has effect despite section 198G .
Note: Section 198G deals with powers of officers etc. while a company is under external administration.
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