Document ID: chunk:federal_register_of_legislation:C2016A00011:clause:2_1585
Version: federal_register_of_legislation:C2016A00011
Segment Type: clause
Provision Reference: sch 2 cl 1585
Character Range: 512632–513408

1585  Application of new provisions about exercise of powers while company under external administration

Application of new section 198G
 (1) Section 198G (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) applies in relation to an exercise of power or a performance of a function that occurs on or after the commencement day.

Approval under old Act continues to have effect
 (2) If, under subsection 499(4) of the old Act, a committee of inspection or the company's creditors give approval for a director of the company to continue to perform or exercise the director's powers or functions, subsections 198G(1) and (2) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) do not apply in relation to the director.

Subdivision D—Funds handling