Document ID: chunk:federal_register_of_legislation:C2020C00139:clause:12_34
Version: federal_register_of_legislation:C2020C00139
Segment Type: clause
Provision Reference: sch 12 cl 34
Character Range: 101921–102432

34  Subsection 588WA(1)
Repeal the subsection, substitute:
 (1) Subsection 588V(1) does not apply in relation to a corporation that is the holding company of a company, and to a debt, if:
 (a) the corporation takes reasonable steps to ensure that either subsection 588GA(1) or 588GAAA(1) (the safe harbour provision) applies in relation to:
 (i) each of the directors of the company; and
 (ii) the debt; and
 (b) the safe harbour provision does so apply in relation to each of those directors and to the debt.