Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p65
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 162673–165492

the company and has not previously been disclosed to the creditors or members of the company."; and

     (b) by adding at the end the following sub-section:
    "(23) A reference in this section or section 316 to the directors of a company is a reference to the directors of the company or any one or more of them.".

Powers of receiver
95. Section 324a of the Principal Act is amended—
     (a) by omitting from paragraph (2) (q) all the words after "do" (second occurring) and substituting ", or that it is unreasonable to expect the receiver to do, in person"; and
     (b) by adding at the end the following sub-section:
    "(6) Notwithstanding the amendment of sub-section (2) of this section made by section 95 of the Companies and Securities Legislation (Miscellaneous Amendments) Act 1985, that sub-section as in force immediately before the commencement of that section continues to have effect in relation to a receiver appointed before that commencement.".

Reports by receiver
96. Section 324c of the Principal Act is amended—
     (a) by omitting from paragraph (1) (c) "report the matter to the Commission" and substituting "lodge with the Commission a report with respect to the matter";
     (b) by omitting from sub-section (3) "made a report to the Commission" and substituting "lodged with the Commission a report"; and
     (c) by omitting from sub-section (3) "to make" and substituting "so to lodge".

Prosecution of delinquent officers and members
97. Section 324d of the Principal Act is amended—
     (a) by omitting from sub-section (1) "is made" and substituting "has been made or lodged"; and
     (b) by omitting from sub-section (2) "a report to the Commission" and substituting "the making or lodging of a report".

Receiver to enjoy qualified privilege in certain circumstances
98. Section 325a of the Principal Act is amended by inserting in sub-section (1) "or lodged" after "made" (first occurring).

Payments of certain debts out of property subject to floating charge in priority to claims under charge
99. Section 331 of the Principal Act is amended by omitting from paragraphs (2) (c) and (2a) (b) "441 (e) or (g)" and substituting "441 (1) (e), (g) or (ga)".

Certain provisions applicable to official management
100. Section 351 of the Principal Act is amended by inserting in paragraph (4) (d) "or lodged" after "made" (twice occurring).

Avoidance of dispositions of property, attachments, &c.
101. Section 368 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "a disposition made by the liquidator pursuant to a power conferred on him by this Act or by an order of the Court" and substituting "an exempt disposition"; and
     (b) by inserting after sub-section (1) the following sub-section:
    "(1a) In sub-section (1), 'exempt disposition', in