Document ID: chunk:federal_register_of_legislation:C2004A03415:body:0:p25
Version: federal_register_of_legislation:C2004A03415
Segment Type: other
Provision Reference: 
Character Range: 62337–65030

Part, a body corporate becomes insolvent at a particular time if, and only if, at that time:
     (a) the body corporate commences to be wound up, comes under official management or ceases to carry on business;

     (b) a receiver, or a receiver and manager, of property of the body corporate is appointed, whether by a court or otherwise; or
     (c) the body corporate enters into a compromise or arrangement with its creditors.
"(2) For the purposes of this Part, a natural person becomes insolvent at a particular time if, and only if, at that time:
     (a) a creditor's petition or a debtor's petition is presented under Division 2 or 3, as the case may be, of Part IV of the Bankruptcy Act 1966 against:
        (i) the person;
        (ii) a partnership in which the person is a partner; or
        (iii) 2 or more joint debtors who include the person;
     (b) the person's property becomes subject to control under Division 2 of Part X of the Bankruptcy Act 1966;
     (c) the person executes a deed of assignment or deed of arrangement under Part X of the Bankruptcy Act 1966; or
     (d) the person's creditors accept a composition under Part X of the Bankruptcy Act 1966.
"(3) A reference in subsection (2) to a Division or Part of the Bankruptcy Act 1966 includes a reference to provisions of a law of an external Territory, or a country other than Australia or an external Territory, that correspond with that Division or Part.

Permitted investments
"122ad. For the purposes of this Part, money shall be taken to be invested in a permitted manner if, and only if, it is invested:
     (a) in any manner in which trustees are for the time being authorised by a law in force in the Territory or in a participating State or participating Territory to invest trust funds; or
     (b) on deposit with a body corporate in respect of which a declaration made under:
        (i) paragraph 97 (7) (b) of the Companies Act 1981; or
        (ii) a provision of a law of a participating State or participating Territory that corresponds with that paragraph;
      is in force.

"Division 2—The Corporation

Ministerial Council to nominate
"122ba. (1) Subject to subsection (3), the Ministerial Council may, by instrument in writing, nominate as the National Securities Exchanges Guarantee Corporation a body corporate (whether incorporated before or after the relevant commencement) that is, for the purposes of the Companies Act 1981, a company limited by guarantee.

"(2) The Commission shall cause a copy of an instrument executed by the Ministerial Council under subsection (1) to be published in the Gazette, but failure of the Commission to do so does not affect the validity of the