Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 11 - EXTERNAL ADMINISTRATION  

PART 11-2 - SPECIAL ADMINISTRATION  

Division 508 - Transition to normal control of the corporation ' s affairs at end of special administration  

SECTION 508-1   SPECIAL ADMINISTRATOR TO ENSURE THAT THERE WILL BE DIRECTORS WHEN CORPORATION CEASES TO BE UNDER SPECIAL ADMINISTRATION  

508-1(1)    
The special administrator for an Aboriginal and Torres Strait Islander corporation must ensure that, immediately after the special administration of the corporation ends, there will be:

(a)    directors of the corporation who can assume control of the corporation ' s affairs; and

(b)    a secretary for the corporation if it is registered as a large corporation; and

(c)    a contact person for the corporation if it is registered as a small or medium corporation.

Note:

There are a number of different ways in which there can be directors who can assume control of the corporation ' s affairs when the special administration ends. For example:

  • (a) the offices of the directors may not have been vacated when the special administrator was appointed and some or all of those directors may remain in office at the end of the special administration; or
  • (b) the special administrator may have exercised his or her power to appoint directors under subsection 499-5(3) and some or all of the appointees may remain in office at the end of the special administration; or
  • (c) persons may, at a general meeting of the members of the corporation called by the special administrator under section 508-5 , have been elected as directors to assume control of the corporation ' s affairs when the special administration ends.

    • 508-1(2)    
    Subsection (1) does not apply if:

    (a)    the corporation is to cease to be under special administration because a liquidator for the corporation is appointed; or

    (b)    the corporation is to cease to be under special administration so that an administrator may be appointed, or may resume exercising powers, under the Corporations Act administration provisions (as applied by section 521-1 of this Act).

     

    Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

    CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

    The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.