Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p64
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 159962–162905

occurring) and substituting "is"; and
     (c) by omitting from paragraph (b) "question and answer" and substituting "statement".

Weight of evidence
91. Section 301 of the Principal Act is amended—
     (a) by omitting "questions and answers" and substituting "statements"; and
     (b) by omitting from paragraph (b) "answers" and substituting "statements".

Credibility of person who made statements
92. Section 302 of the Principal Act is amended by omitting from sub-section (1) "questions and answers" and substituting "statements".

Determination of objection to admissibility of statement
93. Section 303 of the Principal Act is amended—
     (a) by omitting from sub-section (2) "questions and answers" (wherever occurring) and substituting "statements"; and
     (b) by omitting from sub-section (3) "question and answer" and substituting "statement".

Power to compromise with creditors and members
94. Section 315 of the Principal Act is amended—
     (a) by omitting sub-section (2) and substituting the following sub-sections:
    "(2) The Court shall not make an order pursuant to an application under sub-section (1) unless—
         (a) 14 days notice of the hearing of the application, or such lesser period of notice as the Court or the Commission permits, has been given to the Commission; and
         (b) the Court is satisfied that the Commission has had a reasonable opportunity—
             (i) to examine the terms of the proposed compromise or arrangement to which the application relates and a draft explanatory statement relating to the proposed compromise or arrangement; and
             (ii) to make submissions to the Court in relation to the proposed compromise or arrangement and the draft explanatory statement.
    "(2a) In sub-section (2), 'draft explanatory statement', in relation to a proposed compromise or arrangement between a company and its creditors or any class of them or between a company and its members or any class of them, means a statement—
         (a) explaining the effect of the proposed compromise or arrangement and, in particular, stating any material interests of the directors of the company, whether as directors, as members or creditors of the company or otherwise, and the effect on those interests of the proposed compromise or arrangement in so far as that effect is different from the effect on the like interests of other persons; and
         (b) setting out such information as is prescribed and any other information that is material to the making of a decision by a creditor or member of the company whether or not to agree to the proposed compromise or arrangement, being information that is within the knowledge of the directors of the company and has not previously been disclosed to the creditors or members of the company."; and

     (b) by adding at the end the following sub-section:
    "(23) A reference in this section or section 316 to the directors of a