Document ID: chunk:federal_register_of_legislation:C2004A02530:body:0:p16
Version: federal_register_of_legislation:C2004A02530
Segment Type: other
Provision Reference: 
Character Range: 38645–41378

is amended by omitting sub-section (5).

Notification of appointment of receiver
54. Section 326 of the Principal Act is amended—
    (a) by omitting from sub-section (1) "7" and substituting "14";
    (b) by inserting after sub-section (1) the following sub-section:
    "(1a) A person who has been appointed as a receiver of the property or part of the property of a company or registered foreign company shall, within 14 days after the date of his appointment, lodge with the Commission notice in the prescribed form of the address of his office and, in the event of a change in the situation of his office, shall, within 14 days after the change, lodge with the Commission notice in the prescribed form of the change.";
    (c) by omitting from sub-section (2) "under the powers contained in any instrument";
    (d) by omitting from sub-section (2) "7" and substituting "14"; and
    (e) by omitting sub-section (3).

Provisions as to information where receiver appointed
55. Section 328 of the Principal Act is amended—
    (a) by omitting paragraph (1) (b) and substituting the following paragraph:
        "(b) the persons who were, at the date of the receiver's appointment, the directors and the secretary of the company shall, within 14 days after the company receives the notice referred to in paragraph (a), make out and submit to the receiver a report in the prescribed form as to the affairs of the company as at the date of the receiver's appointment; and";
    (b) by omitting from paragraph (l) (c) "statement" (wherever occurring) and substituting "report";
    (c) by omitting sub-sections (2) and (3) and substituting the following sub-sections:
    "(2) Where notice has been served on a company under paragraph (1) (a), the persons who were, at the date of the receiver's appointment, the directors and the secretary of the company may, whether before or after the expiration of the period specified in paragraph (1) (b) for the submission of the report, apply to the receiver or to the Court for an extension of the period within which the report is to be submitted and—
        (a) where application is made to the receiver—if the receiver believes that there are special reasons for so doing, he may, by notice in writing to those persons, extend that period until a specified date; and
        (b) where application is made to the Court—if the Court believes that there are special reasons for so doing, the Court may, by order, extend that period until a specified date.
    "(3) Where, under sub-section (2), the persons who were, at the date of the receiver's appointment, the directors and the secretary of a company are granted an extension of the period within which a report as to the affairs of the