Document ID: chunk:federal_register_of_legislation:C2004A01109:clause:1_347b
Version: federal_register_of_legislation:C2004A01109
Segment Type: clause
Provision Reference: sch 1 cl 347B
Character Range: 24495–25198

347B  Notice to ASIC

 (1) If the directors of a company pass a negative solvency resolution under section 347A, the company must notify ASIC of that fact, in the prescribed form, within 7 days after the resolution is passed.

 (2) If:
 (a) subsection 347A(1) applies to the directors of a company; and
 (b) the directors have not passed a solvency resolution under section 347A within 2 months after a review date;
the company must notify ASIC of that fact, in the prescribed form, within 7 days after the end of the 2 month period following the review date.

 (3) An offence based on this section is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.