Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p9
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 9/110)
Character Range: 174900–177714

or dealing; or

  (d)     is an attorney of the person under a power of attorney; or

    (e)     has appointed the person as the corporation's attorney under a power of attorney; or

    (f)      is given financial, business or legal advice by the person in the performance of the functions attaching to the person's professional capacity.

[Partnership]

"(3) A partnership is connected with a corporation if, and only if, the corporation:

  (a)     is a partner in the partnership; or

    (b)     can control, or influence materially, the partnership's activities or internal affairs; or

    (c)     is financially interested in the partnership's success or failure or apparent success or failure; or

  (d)     is a creditor of the partnership; or

  (e)     is engaged by the partnership under a contract for services; or

  (f)      acts as agent for the partnership in any transaction or dealing.

[Trust]

"(4) A trust is connected with a corporation if, and only if, the corporation:

  (a)     is the settlor, or one of the settlors, of the trust; or

    (b)     has power under the terms of the trust to appoint or remove a trustee of the trust or to vary, or cause to be varied, any of the terms of the trust; or

  (c)     is a trustee of the trust; or

    (d)     can control, or influence materially, the activities of the trust; or

   (e)     is capable of benefiting under the trust; or

   (f)      is a creditor of the trustee of the trust; or

    (g) is engaged by the trustee of the trust under a contract for services; or

    (h) acts as agent for the trustee of the trust in any transaction or dealing.".

Officers of bodies corporate and other entities

33. Section 82A of the Corporations Law is amended by omitting paragraph (1)(e) and substituting the following paragraphs:

  "(e) an administrator of the body or entity; and

     (ea) an administrator of a deed of company arrangement executed by the body or entity; and".

34. After section 95 of the Corporations Law the following section is inserted:

Solvency and insolvency

"95A.(1) A person is solvent if, and only if, the person is able to pay all the person's debts, as and when they become due and payable.

  "(2) A person who is not solvent is insolvent.

"(3) Section 922 defines when a person becomes insolvent for the purposes of Part 7.10.".

Interpretation

  35. Section 206BB of the Corporations Law is amended:

     (a) by omitting paragraph (c) of the definition of "externally-administered company" and substituting the following paragraphs:

      "(c) that is under administration; or

          (d) that has executed a deed of company arrangement that has not yet terminated;";

    (b) by omitting the definitions of "national newspaper", "relevant date" and "solvent".

Duty and liability of officer