Document ID: chunk:federal_register_of_legislation:C2024C00492:section:3:p3
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 3 (pt 3/4)
Character Range: 621709–624570

is appointed; or
 (b) the corporation is to cease to be under special administration so that an administrator may be appointed, or may resume exercising powers, under the Corporations Act administration provisions (as applied by section 521‑1 of this Act).

508‑5  Election of directors to take over affairs of corporation when corporation ceases to be under special administration
 (1) The special administrator for an Aboriginal and Torres Strait Islander corporation may conduct an election to elect directors to assume control of the corporation's affairs immediately after the corporation ceases to be under special administration.
 (2) Without limiting subsection (1), the election may be conducted:
 (a) at a general meeting of the members of the corporation; or
 (b) by postal ballot.
 (3) A person may be elected as a director under this section if the person gives the corporation a signed consent to act as a director of the corporation before being elected.
 (4) The persons elected:
 (a) become the directors of the corporation immediately after the corporation ceases to be under special administration; and
 (b) continue to hold office until the end of the next AGM of the corporation unless removed from office before then.

Division 511—Miscellaneous

511‑1  Remuneration of special administrator
 (1) The special administrator for an Aboriginal and Torres Strait Islander corporation is to receive such remuneration (if any) as the Registrar determines in writing.
 (2) A determination under subsection (1) is not a legislative instrument.
 (3) Subject to subsection (4), the special administrator's remuneration, charges and expenses are to be borne by the Commonwealth.
 (4) The Registrar:
 (a) may determine, in writing, that some or all of the special administrator's remuneration, charges or expenses are to be borne by the corporation or a related body corporate; and
 (b) may charge some or all of the remuneration, charges or expenses referred to in paragraph (a) on the property of the corporation or a related body corporate in such order of priority in relation to any existing charges on that property as the Registrar thinks fit.
 (5) This section does not apply to a special administrator who is an APS employee or a Commonwealth officer.
 (5A) Subsection 73(2) of the Personal Property Securities Act 2009 applies to a charge created in accordance with paragraph (4)(b).
Note 1: The effect of this subsection is that the priority between a charge created in accordance with paragraph (4)(b) and a security interest to which the Personal Property Securities Act 2009 applies is to be determined in accordance with this Act rather than the Personal Property Securities Act 2009.
Note 2: Subsection 73(2) of the Personal Property Securities Act 2009 applies to charges that arise after the commencement of subsection (5A) (which is