Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p66
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 165232–168037

liquidator pursuant to a power conferred on him by this Act or by an order of the Court" and substituting "an exempt disposition"; and
     (b) by inserting after sub-section (1) the following sub-section:
    "(1a) In sub-section (1), 'exempt disposition', in relation to a company that has commenced to be wound up by the Court, means—
         (a) a disposition made by the liquidator of the company pursuant to a power conferred on the liquidator by this Act or by an order of the Court; or
         (b) a payment of money by a banking corporation out of an account maintained by the company with the banking corporation, being a payment made by the banking corporation—
             (i) on or before the day on which the court makes the order for the winding up of the company; and
             (ii) in good faith and in the ordinary course of the banking business of the banking corporation.".

Powers of liquidator
102. Section 377 of the Principal Act is amended—
     (a) by omitting from paragraph (2) (k) "himself" and substituting ", or that it is unreasonable to expect the liquidator to do, in person"; and
     (b) by inserting after sub-section (2) the following sub-section:
    "(2a) A liquidator of a company is entitled to inspect at any reasonable time any books of the company and a person who refuses or fails to allow the liquidator to inspect such books at such a time is guilty of an offence.".

Reports by liquidator
103. Section 418 of the Principal Act is amended—
     (a) by omitting from paragraph (1) (d) "report the matter to the Commission" and substituting "lodge with the Commission a report with respect to the matter";
     (b) by omitting from sub-section (3) "made a report to the Commission" and substituting "lodged with the Commission a report"; and
     (c) by omitting from sub-section (3) "to make" and substituting "so to lodge".

Expenses of winding up where property insufficient
104. Section 429 of the Principal Act is amended by omitting from sub-section (3) "make a report under section 418 or to lodge a document" and substituting "lodge a document (including a report)".

Priority payments
105. Section 441 of the Principal Act is amended—
     (a) by omitting "Subject to" and substituting "(1) Subject to";
     (b) by omitting from paragraph (1) (e) "any one employee" and substituting "an excluded employee of the company";
     (c) by omitting paragraph (1) (g) and substituting the following paragraphs:
         "(g) seventh, all amounts due—
             (i) on or before the relevant date;
             (ii) by virtue of an industrial instrument;
             (iii) to, or in respect of, employees of the company; and
             (iv) in respect of leave of absence,
         but not exceeding $1,500 in respect of an excluded employee of