Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p92
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 92/212)
Character Range: 242598–245500

the section.

Paragraph 461 (h):

  Omit "Commission Act", substitute "ASC Law".

Subsection 462 (1):

  Omit the subsection.

Section 463:

  Omit "459,".

Subsection 464 (1):

  Omit "Commission Act", substitute "ASC Law".

Subsection 472 (3):

  Omit the subsection, substitute:

"(3) A liquidator appointed provisionally has or may exercise such functions and powers:

     (a) as are conferred on him or her by this Law or by rules of the Court that appointed him or her; or

   (b) as the Court specifies in the order appointing him or her.".

Subsection 500 (1):

  Omit "the company", substitute "a company".

SCHEDULE 1—continued

Subsection 500 (2):

Omit "the winding up", substitute "a creditors' voluntary winding up of a company".

Section 501:

  Omit "Act", substitute "Law".

Subsection 507 (7):

  Omit "of the Capital Territory", substitute "of this jurisdiction".

Paragraph 556 (1) (j):

  Omit "Commission Act", substitute "ASC Law".

Subsection 557 (1):

  Omit "Commission Act", substitute "ASC Law".

Subsection 576 (1):

Omit all the words from and including "any outstanding property" to and including "its liquidator,", substitute "in this jurisdiction or elsewhere outstanding property of the company,".

Subsection 576 (2):

  Omit "Act", substitute "Law".

Section 578:

Omit "or the Commonwealth", substitute "or the Crown in any right".

Subsection 581 (1):

  Omit the subsection, substitute:

"(1) All courts having jurisdiction in matters arising under the Corporations Law of this jurisdiction, the Judges of those courts and the officers of, or under the control of, those courts must severally act in aid of, and be auxiliary to:

  (a) each other; and

     (b) all courts having jurisdiction in matters arising under corresponding laws, the Judges of those courts and the officers of, or under the control of, those courts;

in all external administration matters.".

Subsection 582 (1):

Omit "Act or any other Australian law", substitute "Law or any other law".

SCHEDULE 1—continued

Subsection 582 (3):

  Omit "incorporated outside Australia".

Subsection 582 (4):

  Omit the subsection.

Section 583:

  Repeal the section, substitute:

Winding up Part 5.7 bodies

"583. Subject to this Part, a Part 5.7 body may be wound up under this Chapter and this Chapter applies accordingly to a Part 5.7 body with such adaptations as are necessary, including the following adaptations:

     (a) the principal place of business of a Part 5.7 body in Australia is taken, for all the purposes of the winding up, to be the registered office of the Part 5.7 body;

     (b) a Part 5.7 body is not to be wound up voluntarily under this Chapter;

     (c) the circumstances in which a Part 5.7 body may be wound up are as follows:

         (i) if the Part 5.7 body is unable to pay its debts, has been dissolved, has ceased to carry on business in Australia or has a