Document ID: chunk:federal_register_of_legislation:C2025C00185:section:348c
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 348C
Character Range: 1374459–1375365

348C  ASIC may require a solvency resolution and statement
 (1) ASIC may include, in a return of particulars for a company, a requirement that the company comply with subsection (2) or subsection (3). The company may choose which subsection to comply with.
Note: This section does not apply to CCIVs: see subsection 1232U(2).
 (2) The company complies with this subsection if:
 (a) before the company lodges a response to the return of particulars, the directors of the company pass a solvency resolution; and
 (b) the response to the return of particulars states whether the resolution passed was a positive solvency resolution or a negative solvency resolution.
 (3) The company complies with this subsection if the response to the return of particulars states the date on which the directors passed a positive solvency resolution under section 347A in respect of the company's most recent review date.