Document ID: chunk:federal_register_of_legislation:C2004A02530:body:0:p15
Version: federal_register_of_legislation:C2004A02530
Segment Type: other
Provision Reference: 
Character Range: 36153–38922

the Principal Act is amended by inserting in sub-section (2) "a copy of" after "send".

Officer or other person failing to comply with requirement of this Part
51. Section 297 of the Principal Act is amended—
    (a) by inserting in sub-section (1) "or another person" after "corporation" (second occurring); and
    (b) by omitting sub-sections (2) and (3) and substituting the following sub-sections:
    "(2) Where an inspector gives a certificate under sub-section (1) in relation to an officer of a corporation or another person, the Court may inquire into the case and—
        (a) order the officer or the other person, as the case may be, to comply with the requirement of the inspector within such period as is fixed by the Court; or
        (b) if the Court is satisfied that the officer or the other person, as the case may be, failed, without reasonable excuse, to comply with the requirement of the inspector, punish him in like
        manner as if he had been guilty of contempt of the Court and, if it sees fit, also make an order pursuant to paragraph (a).
    "(3) The powers of the Court under this section may be exercised in relation to an officer or another person notwithstanding that the officer or other person has been convicted of an offence in relation to the matters in respect of which the powers are to be exercised.".

Power to compromise with creditors and members
52. Section 315 of the Principal Act is amended—
    (a) by omitting from paragraph (11) (a) "326 (2) and (3)" and substituting "326 (1a) and (2)"; and
    (b) by omitting sub-section (21) and substituting the following sub-section:
    "(21) The Court shall not approve a compromise or arrangement under this section unless—
        (a) it is satisfied that the compromise or arrangement has not been proposed for the purpose of enabling any person to avoid the operation of any of the provisions of the Companies (Acquisition of Shares) Act 1980; or
        (b) there is produced to the Court a statement in writing by the Commission stating that the Commission has no objection to the compromise or arrangement,
    but the Court is not required to approve a compromise or arrangement by reason only that a statement by the Commission stating that the Commission has no objection to the compromise or arrangement has been produced to the Court as mentioned in paragraph (b).".

Provisions for facilitating reconstruction and amalgamation of corporations
53. Section 317 of the Principal Act is amended by omitting sub-section (5).

Notification of appointment of receiver
54. Section 326 of the Principal Act is amended—
    (a) by omitting from sub-section (1) "7" and substituting "14";
    (b) by inserting after sub-section (1) the following sub-section:
    "(1a)