Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p78
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 192217–194937

a corporation."; and
     (h) by omitting from sub-section (5) "the property or part of the property of a company" and substituting "property of a corporation".

Liability of receiver
92. Section 324 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "company" (wherever occurring) and substituting "corporation";
     (b) by omitting from sub-section (3) "company" and substituting "corporation"; and
     (c) by omitting sub-section (4).
93. After section 324 of the Principal Act the following sections are inserted:

Powers of receiver
"324a. (1) Subject to this section, a receiver of property of a corporation has power to do, in Australia and elsewhere, all things necessary or convenient to be done for or in connection with, or as incidental to, the attainment of the objectives for which he was appointed.
"(2) Without limiting the generality of sub-section (1), but subject to any provision of the court order by which, or the instrument under which, he was appointed, being a provision that limits his powers in any way, a receiver of

property of a corporation has, in addition to any powers conferred on him by that order or instrument, as the case may be, or by any other law, power, for the purpose of attaining the objectives for which he was appointed—
     (a) to enter into possession and take control of property of the corporation in accordance with the terms of that order or instrument;
     (b) to lease, let on hire or dispose of property of the corporation;
     (c) to grant options over property of the corporation on such conditions as he thinks fit;
     (d) to borrow money on the security of property of the corporation;
     (e) to insure property of the corporation;
     (f) to repair, renew or enlarge property of the corporation;
     (g) to convert property of the corporation into money;
     (h) to carry on any business of the corporation;
     (j) to take on lease or on hire, or to acquire, any property necessary or convenient in connection with the carrying on of a business of the corporation;
     (k) to execute any document, bring or defend any proceedings or do any other act or thing in the name of and on behalf of the corporation;
     (m) to draw, accept, make and indorse a bill of exchange or promissory note;
     (n) to use a seal of the corporation;
     (o) to engage or discharge employees on behalf of the corporation;
     (p) to appoint a solicitor, accountant or other professionally qualified person to assist the receiver;
     (q) to appoint an agent to do any business that the receiver is unable to do himself or that can more conveniently be done by an agent;
     (r) where a debt or liability is owed to the corporation—to