Document ID: chunk:federal_register_of_legislation:C2004A01109:clause:1_348c
Version: federal_register_of_legislation:C2004A01109
Segment Type: clause
Provision Reference: sch 1 cl 348C
Character Range: 27498–28339

348C  ASIC may require a solvency resolution and statement

 (1) ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection (2) or subsection (3). The company may choose which subsection to comply with.

 (2) The company complies with this subsection if:
 (a) before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and
 (b) the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution.

 (3) The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section 347A in respect of the company's most recent review date.