Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p86
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 211892–214687

Principal Act is amended—
     (a) by inserting in sub-section (1) "or registered foreign company" after "company" (wherever occurring);
     (b) by omitting from sub-section (2) "The following debts or amounts shall be paid out of the property coming to the hands of the receiver or other person taking possession or assuming control" and substituting "The receiver or other person taking possession or assuming control of property of a company shall pay, out of the property coming into his hands, the following debts or amounts"; and
     (c) omitting sub-section (3) and substituting the following sub-sections:
     "(2a) The receiver or other person taking possession or assuming control of property of a registered foreign company shall pay, out of the property of the registered foreign company coming into his hands, the following debts or amounts in priority to any claim for principal or interest in respect of the debentures:

          (a) first, any amount that in a winding up is payable in priority to unsecured debts pursuant to section 447;
          (b) second, any debt or amount that in a winding up is payable in priority to other unsecured debts pursuant to paragraph 441 (e) or (g) or section 445.
     "(3) The receiver or other person taking possession or assuming control of property shall pay debts and amounts payable pursuant to paragraph (2) (c) or (2a) (b) in the same order of priority as is prescribed by Subdivision C of Division 4 of Part XII in respect of those debts and amounts.".

Enforcement of duty of receiver to make returns
103. Section 332 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "the property or part of the property of a company" and substituting "property of a company or registered foreign company";
     (b) by inserting in paragraphs (1) (a) and (b) "or registered foreign company" after "company" (wherever occurring); and
     (c) by inserting in sub-section (2) "or registered foreign company" after "company" (wherever occurring).

Notice of appointment and address of official manager
104. Section 340 of the Principal Act is amended by omitting sub-sections (1) and (2) and substituting the following sub-sections:
"(1) A person who has been appointed official manager of a company shall—
     (a) within 7 days after the date of his appointment, lodge with the Commission notice in the prescribed form of his appointment as official manager and of the address of his office; and
     (b) within 14 days after any change in the situation of his office, lodge with the Commission notice in the prescribed form of the change.
"(2) A person shall—
     (a) within 7 days after his resignation or removal from office as official manager of a company, lodge with the Commission notice in the prescribed form