Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p45
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 110373–113267

176 (1) of this Act and in force immediately before the commencement of section 66 of the Companies and Securities Legislation (Miscellaneous Amendments) Act 1983 continues to have effect, and may be

revoked or varied, after that commencement as if sub-section 176 (1) of this Act had not been omitted.".

Vacation of office
69. Section 222 of the Principal Act is amended—
     (a) by omitting "or" from paragraph (1) (c);
     (b) by adding at the end of sub-section (1) the following paragraphs:
          "(e) he becomes subject to a section 227a order; or
           (f) he becomes subject to a section 562 order.";
     (c) by inserting after sub-section (1) the following sub-section:
     "(1a) The office of a director of a corporation is, by force of this sub-section, vacated at the commencement of section 69 of the Companies and Securities Legislation (Miscellaneous Amendments) Act 1983 if, immediately before that commencement, he was subject to a section 562 order.";
     (d) by omitting from sub-section (4) "within" and substituting "until the expiration of; and
     (e) by inserting after sub-section (4) the following sub-section:
     "(4a) A person whose office is vacated by reason of paragraph (1) (e) or (f) or sub-section (1a) is incapable of being re-appointed as a director until the expiration of the period specified in the order referred to in that paragraph or sub-section, as the case may be.".

70. After section 227 of the Principal Act the following section is inserted:

Court may order persons not to manage corporations
"227a. (1) Where, on application by the Commission or a person who is a prescribed person in relation to the corporation concerned, or any of the corporations concerned, the Court is satisfied—
     (a) that—
          (i) a corporation has, during a period in which a person (in this sub-section referred to as the 'relevant person') was a relevant officer of the corporation, repeatedly breached relevant legislation; and
          (ii) the relevant person failed to take reasonable steps to prevent the corporation so breaching relevant legislation;
     (b) that—
          (i) each of 2 or more corporations has, at a time when a person (in this sub-section also referred to as the 'relevant person') was a relevant officer of the corporation, breached relevant legislation; and
          (ii) in each case the relevant person failed to take reasonable steps to prevent the corporation breaching relevant legislation;

     (c) that—
          (i) a person (in this sub-section also referred to as the 'relevant person') has repeatedly breached relevant legislation; and
          (ii) on 2 or more of the occasions when the relevant person breached relevant legislation, he was a relevant officer of a corporation (whether or not he was a relevant officer of the same corporation on each of those occasions); or
     (d) that,