Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p167
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 167/175)
Character Range: 593347–596153

subsection (1) in accordance with section 487‑10.

487‑5  Grounds for special administration
 (1) The following are the grounds for determining that an Aboriginal and Torres Strait Islander corporation is to be under special administration:
 (a) the corporation has traded at a loss for at least 6 months during the period of 12 months before the determination is made;
 (b) the corporation or the officers of the corporation have failed to comply with, or to ensure that the corporation complies with, one or more of the following:
 (i) a provision of this Act;
 (ii) an internal governance rule of the corporation;
 (iii) a notice that the Registrar has given the directors under section 439‑20;
  and the corporation has, or the officers have, failed to give the Registrar a satisfactory explanation for the failure;
 (c) the corporation has failed to comply with an obligation under Part 7‑3;
 (ca) if the corporation is a registered native title body corporate—there has been a serious failure, or a number of failures, by the corporation to comply with its Native Title legislation obligations;
 (d) the officers of the corporation have acted in the affairs of the corporation:
 (i) in their own interests rather than in the interests of the members of the corporation as a whole; or
 (ii) in a way that appears to be unfair or unjust to members of the corporation;
 (e) the affairs of the corporation are being conducted in a way that is:
 (i) oppressive; or
 (ii) unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or
 (iii) contrary to the interests of the members of the corporation as a whole;
 (f) disputes between:
 (i) the corporation's members; or
 (ii) the corporation's members and the corporation's officers;
  are interfering with the proper conduct of the corporation's affairs;
 (g) disputes between the corporation's officers are interfering with the proper conduct of the corporation's affairs;
 (h) a majority of the corporation's directors have requested the Registrar in writing to appoint a special administrator;
 (i) at least the required number of members under subsection (4) request the Registrar, in writing, to appoint a special administrator;
 (j) the appointment of the special administrator is otherwise required:
 (i) in the interests of the members of the corporation; or
 (ii) in the interest of the corporation's creditors; or
 (iii) in the public interest.
A paragraph in this subsection does not limit any of the other paragraphs in this subsection.
 (2) Paragraph (1)(d) or (e) does not apply to an officer of an Aboriginal and Torres Strait Islander corporation that is a registered native title body corporate merely because of doing (or refraining from doing) a particular act if the officer does (or refrains