Document ID: chunk:federal_register_of_legislation:F2022C01149:body:0:p7
Version: federal_register_of_legislation:F2022C01149
Segment Type: other
Provision Reference: 
Character Range: 15528–18140

a previous order (being a financial year at the end of which the company was one of the wholly-owned entities of the holding entity):
(i)  the directors of the company resolved that the company should obtain the benefit of this instrument or a previous order and the directors have not revoked that resolution or resolved to the contrary; and
(ii)  in respect of every other entity (the other entity) which has become a party to the deed of cross guarantee after 13 August 1998 and before the end of the first reliance year (irrespective of whether the other entity has taken advantage of relief under this instrument or ASIC Class Order [CO 98/1418]) the directors of that other entity have made a statement:
              Note:  ASIC Class Order [CO 98/1418] was made on 13 August 1998.
(A) signed by at least one director, and made before the end of the financial year in which it became a party to the deed of cross guarantee; and
(B)  stating that in the directors' opinion immediately before the execution of the deed of cross guarantee or assumption deed by the other entity there were reasonable grounds to believe that the other entity would be able to pay its debts as and when they become due and payable;
(h) either of the following applies:
(i) before the end of the first reliance year, the directors of the company made a statement, signed by at least one director, stating that in the directors' opinion immediately before the execution of the deed of cross guarantee or assumption deed by the company there were reasonable grounds to believe that the company would be able to pay its debts as and when they become due and payable;
(ii) the company became a party to the deed of cross guarantee before 1 July 1997 and has lodged with ASIC by the relevant time a financial report or financial statements containing an unqualified directors' declaration (required by subsection 295(4) of the Act) or an unqualified directors' statement (required by section 301 or 302 of the Law as it stood before the Company Law Review Act 1998) in respect of a financial year which ended after becoming a party to the deed of cross guarantee and before the relevant financial year);
       Annual resolution
(i)  at or about the end of the relevant financial year, the directors of the company:
(i) considered the advantages and disadvantages associated with the company remaining a party to the deed of cross guarantee and taking advantage of the relief afforded by this instrument; and
(ii) resolved either:
(A) that the company should continue to remain a party to the deed of cross guarantee; or
(B) that the