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Corporations (Aboriginal and Torres Strait Islander) Bill 2006

Part 11-4 Administration of an Aboriginal and Torres Strait Islander corporation’s affairs with a view to executing a deed of corporation arrangement

Division 521 Administration of an Aboriginal and Torres Strait Islander corporation’s affairs with a view to executing a deed of corporation arrangement

521-1   Applying Corporations Act administration provisions to Aboriginal and Torres Strait Islander corporations

             (1)  The Corporations Act administration provisions apply to an Aboriginal and Torres Strait Islander corporation as if the following substitutions were made:

 

Substitutions to be made

Item

For a reference to...

substitute a reference to...

1

a company

an Aboriginal and Torres Strait Islander corporation

2

ASIC

the Registrar

3

a deed of company arrangement

a deed of corporation arrangement

4

registered office

registered office or document access address

             (2)  The Corporations Act administration provisions apply to an Aboriginal and Torres Strait Islander corporation:

                     (a)  only to the extent to which they are capable of applying to an Aboriginal and Torres Strait Islander corporation; and

                     (b)  with the modifications specified in the regulations.

             (3)  Regulations made for the purposes of paragraph (2)(b) must not:

                     (a)  increase, or have the effect of increasing, the maximum penalty for any offence; or

                     (b)  widen, or have the effect of widening, the scope of any offence.

             (4)  In this Act:

Corporations Act administration provisions means:

                     (a)  Part 5.3A of the Corporations Act; and

                     (b)  the other provisions of that Act (including Parts 1.2, 5.8, 5.9 and 9.4 and Schedule 3 but not including Parts 1.1, 1.1A and 9.4A) to the extent to which they relate to the operation of Part 5.3A of that Act; and

                     (c)  the regulations made under that Act for the purposes of Part 5.3A of that Act and the provisions referred to in paragraph (b).

521-5   Administrator’s capacity to act as trustee

                   To avoid doubt, an administrator appointed under the Corporations Act administration provisions (as applied by section 521-1 of this Act) may, under those provisions as applied, perform any function and exercise any power that the corporation has as trustee.

521-10   Corporations Act administrator cannot be appointed if special administrator appointed

             (1)  An administrator of an Aboriginal and Torres Strait Islander corporation cannot be appointed under section 436A, 436B or 436C of the Corporations Act (as applied by section 521-1) if:

                     (a)  the corporation is under special administration under Part 11-2; or

                     (b)  the Registrar:

                              (i)  has given the corporation a notice under subsection 487-10(1); and

                             (ii)  has not given the corporation a notice under subsection 487-10(5).

             (2)  Paragraph (1)(b) does not apply if the Registrar has consented in writing to the appointment of the administrator under that section of the Corporations Act (as applied by section 521-1 of this Act).

             (3)  A consent under subsection (2) to the appointment of an administrator is not a legislative instrument.

521-15   Effect of appointment of special administrator on Corporations Act administrator

             (1)  This section deals with the situation in which:

                     (a)  an administrator of an Aboriginal and Torres Strait Islander corporation (the Corporations Act administrator ) is appointed under section 436A, 436B or 436C of the Corporations Act (as applied by section 521-1 of this Act); and

                     (b)  while that appointment continues, a special administrator for the corporation is appointed under Part 11-2.

Note:          Section 496-10 deals with the effect of the special administrator’s appointment on the Corporations Act administrator’s powers.

             (2)  The Court may order that the administration of the corporation under Part 5.3A of the Corporations Act (as applied by section 521-1 of this Act) is to end.

             (3)  The order may be made on the application of:

                     (a)  the Registrar; or

                     (b)  the special administrator for the corporation; or

                     (c)  any other interested person.

             (4)  The order may be made subject to conditions.